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.