Tennispalatsi cultural centre sold to Niam at €30m

The City of Helsinki sold the Tennispalatsi building to Stockholm-based property company Niam at a price of 30 million euros through a competitive bidding, local media reported, quoting the City of Helsinki on Thursday.

Earlier, the Urban Environment committee processed the matter in its meeting in September.

In 2022, a new owner was sought for Tennispalatsi with a competitive bidding. The object of the sale is the entire capital stock of Kiinteistöosakeyhtiö Tennispalatsi, currently owned by Helsinki.

Niam won the bidding with an offer of EUR 30 million.

Tennispalatsi, situated next to Kamppi Helsinki, was built in 1937 as a car service building for the 1952 summer Olympics in Helsinki.

After an expansion, it has been a department store and tennis centre, among other things.

The building is sr-2 protected, which means that, as it holds value in terms of the cityscape and cultural history, it cannot be demolished.

Extensions or changes that ruin the style of the facades facing the streets are also not allowed. The building’s total area is approximately 18,500 m2.

Tennispalatsi’s largest tenant is Finnkino, who has Finland’s largest movie theatre with 14 auditoriums and more than 2,500 seats in the building. The other main user of Tennispalatsi is Helsinki Art Museum HAM, which is currently looking for a new location.

Niam is one of the largest property owners in the Nordic countries. It is involved in, for example, the development of Makasiiniranta.