ESPOO KEILANIEMI URBAN DEVELOPMENT

Promoter – Financial Intermediary

REGENERO OY

Location

• Finland

Description

The project, an integral part of a larger strategic urban development area, will deliver office, retail, restaurant, hotel and conference facilities and public space amenities in the City of Espoo, one of the fastest growing cities in Finland and one of the most sustainable cities in Europe. Espoo has approved strategic plans to redevelop the Keilaniemi area into a modern vibrant urban district supported by significant public transportation infrastructure. The regeneration of the district will draw upon the strengths of the employment opportunities from resident international corporations and its future economic growth will be catalyzed by the research and innovation of the esteemed Aalto University. This will also have an overall positive impact on environment through climate mitigation and adaptation measures.

Objectives

The wider project will transform Keilaniemi area from private car orientated business district to a vibrant and diversified urban area. The broader development plan will bring restaurants, urban areas, residential living, pedestrianization and park to a central location well served by public transport and access to the seafront.

Sector(s)

• Urban development - Construction

Proposed EIB finance (Approximate amount)

EUR 150 million

Total cost (Approximate amount)

EUR 396 million

Environmental aspects

The project must comply with EU environmental legislation as well as comply with the principles and standards of the Bank's Environmental Policy Statement. The energy efficiency of the new building will be assessed. The Bank will review all relevant environmental measures and result of public consultation particularly in relation to the land reclamation of a portion of the site. With the appropriate conditions in place the project is acceptable for financing in environmental and social terms.

Procurement

The promoter is a private company not operating in the utilities sector and not having a status of a contracting authority. Thus, it is not covered by the EU Public Procurement Directives. As a result, the procurement of works, goods and services will follow private procurement procedures and, more specifically, a fair and transparent procedure which satisfies the criteria of economy and efficiency. The contracts awarded by the promoter will be negotiated impartially and in line with the project's best interests. Under these conditions, the procurement procedures followed by the promoter are suitable for the project and satisfactory to the EIB.

Status

Under appraisal - 5/03/2020