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News Release

MAPIC

The first phase of the €100m Itis refurbishment project completed


​​​The first phase of the redevelopment of the 100,000 square metre (sq m) Itis shopping centre, 10 kilometres east of the Helsinki CDB has been completed. 
 
The main anchor store of the scheme, Stockmann, has opened a brand new 13,000 sq m department store after relocating to the eastern end of the shopping centre. The entire redevelopment project of the Itis will see 60-65% of the units taken up by new and relocated tenants.
 
Jones Lang LaSalle (JLL) has been working in cooperation with the landlord, Wereldhave, and has been responsible for a significant number of the re-letting.  JLL have also provided extensive consultancy services in the development of the centre.
"This is a very exciting milestone for us. We have been working on the Itis development since mid-2010 - starting from the development of a new commercial concept for the centre that we are now seeing carried out successfully. JLL has introduced new international retailers to Itis and also worked with the existing retailers who are now developing their flagship concepts in the centre. These exciting retailers include; New Yorker, Cubus, Bik Bok, Carlings, Dressmann, Jack & Jones, Vero Moda, Only, Clarks, Stadium KappaAhl and Tiger. Sats gyms have also leased a 2,000 sq m unit for their flagship gym in the refurbished centre, making Itis not just a shopping destination, but a leisure destination too." Said Joonas Lemstrom, senior analyst at Jones Lang LaSalle, Finland.
 
“Helsinki is under-represented by international retailers. Whilst the country has less than EUR50bn of annual retail sales, it is an affluent Scandinavian market with positive growth potential which many retailers want access to.” Said James Dolphin, Lead Director, International Retail at Jones Lang LaSalle. More information can be found in Jones Lang LaSalle’s Destination Europe 2013 report.
 
The final phase of refurbishment is underway and is scheduled to reach full completion in Autumn 2014.