Nordicum - Real Estate Annual Finland 2020 | Page 30

Trilogy Triumph Phase III of shopping center AINOA almost doubles the leasable space – with three new apartment buildings to follow in 2020 As shopping center AINOA celebrated the grand opening of its expansion on 24 October, a sense of real achievement was in the air. After all, the conclusion of the shopping center’s Phase III added some 20,000 square meters to the Espoo-based shopper’s paradise (from 30,000 to 50,000 square meters.) O wned by Tapiola KR III Real Estate Fund, AINOA now offers a hundred stores, cafés and restaurants as well as high-quality service – all around. “AINOA is now the seventh larg- est shopping center in Finland and we are extremely pleased about the reception of the brand new expansion,” says Kim Särs, CEO of LocalTapiola Alternative Invest- ment Funds. There were 56,000 patrons that flooded the shopping center on opening day, and the customer volumes have been intense ever since. “We’re enjoying a customer flow that is about 50% above the regular level,” Särs says. ping center in the entire capital region – as well as the most enjoyable. “AINOA has really performed well since its launch in 2013, acquiring a stellar reputation along the way,” Särs says. Vesa Immonen, Managing Director of LocalTapiola Real Estate Asset Man- agement, says that AINOA’s strong show- ing is anchored by its location in the national “sweet spot” in Espoo’s Tapiola where the purchasing power of the citizens is the high- est in Finland. “Local customers are keen on excel- lent service, and AINOA has been able to deliver,” comments Immonen. AINOA Charms Patrons Customers also appreciate sustainability across the board and AINOA has been built with green values in mind. AINOA’s Phase II expansion (completed in 2017) received a LEED Platinum certificate, racking up more points than any other Finnish shop- ping center at the time. Naturally, also Phase What’s more, a recent study (by Finn- ish market research company Taloustutki- mus) reveals that the residents of the Hel- sinki Metropolitan Area (HMA) feel that AINOA is, in fact, the cleanest, safest shop- 30 Nordicum Green Edge III was constructed to LEED Platinum spec- ifications. “In today’s world, also shopping cent- ers need to act responsibly and deploy sus- tainable construction and operating meth- ods as well as materials,” Särs and Immonen point out. AINOA, as well as the surrounding Tapiola, is also big on walkability. In fact, Tapiola is Finland’s largest pedestrian com- mercial center. “The pedestrian approach has always been a major part of the Tapiola iden- tity,” says Immonen. Part of the total green package is great public transportation: metro started delivering customers to Tapiola and AINOA in November 2017, ushering in a new age of convenience. Since the arrival of the metro, about 30,000 passengers have been using the Tapiola metro station every day. “We can’t exactly say what is the impact of the metro in AINOA’s success – except to say that it must be substantial,” says Särs.