Featured image credit: Trevian Asset Management
Live Nation has agreed a 20-year deal to become the operator and events manager of Helsinki Halli, with plans in place to put Finland’s largest arena back on the international touring and sports events map.
The 15,900-capacity Helsinki Halli first opened in 1997, but has been closed since 2020, apart from a brief reopening in 2021, leaving the Finnish touring market without its premier live entertainment space.
Helsinki Halli has been closed due to sanctions imposed on the previous owners of the arena. The venue was owned by Arena Events Oy, a company belonging to Russians Gennady Timchenko and Roman Rotenberg, who were placed on the international sanctions list following Russia’s invasion of Ukraine in 2022.
The path for the venue’s return to operations was set earlier this month as Trevian Kasvu, a Finnish real estate investment company managed by Trevian Asset Management, completed its acquisition of the arena.
Trevian Kasvu has now signed a 20-year lease and cooperation agreement with VN Helsinki Oy, the venue management company of Live Nation Finland. Trevian Kasvu will continue as the owner of the arena and will be responsible for its development and initial investment phase.
The agreement between Trevian Kasvu and VN Helsinki Oy transfers the management of the arena’s booking calendar, daily operations, commercial activities, and maintenance to the latter entity. Employees of Helsinki Halli Oy will transfer to VN Helsinki Oy.
Heikki Viitikko, chairman of the board of Helsinki Halli Oy, said: “We chose the Live Nation group as our partner because it is not only the world’s leading event organiser but also a top-tier tour operator and arena manager.
“From the very beginning, our goal has been to put Helsinki back on the international tour map and ensure that Helsinki Arena offers a high-quality and diverse selection of both international and domestic events.”
Trevian said the agreement establishes a “strong financial foundation” for the development of Helsinki Halli Oy, secures the interests of minority shareholders, and supports the arena’s long-term value growth.
Reima Södervall, CEO of Trevian Asset Management, said: “This project has not been pursued simply for its appeal; from Trevian’s perspective, it exemplifies how real estate value is developed with a long-term vision.
“In addition to strong operator collaboration, we have created comprehensive business and investment plans to ensure sustainable value development for the arena in the future.”
Helsinki Halli is due to reopen in the spring, with announcements regarding the first acts to take to the arena expected soon. Live Nation said discussions are also underway regarding the potential sporting uses of the arena, as the venue was previously home to local ice hockey team Helsingin Jokerit.
Previously, Live Nation was also the largest single event organiser at Helsinki Halli. Tomi Saarinen, CEO of Live Nation Finland, said: “Since the closure of Helsinki Arena, there has been a significant gap in Finland’s entertainment scene.
“Reopening the arena will once again give international artists the opportunity to play here, as well as providing a stage for domestic talent and events. We see it as essential to be involved in reviving this venue.”
Helsinki Halli returns to a Finnish marketplace that has since seen the majority of the country’s major entertainment and sports events held at Nokia Arena, which opened in Tampere in December 2021.
Plans are also in the works for a new multi-purpose arena in the capital. Last month, construction company SRV was selected to develop the wide-ranging Garden Helsinki complex, which will be anchored by an arena with a capacity of around 19,000.
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