Magnusson acted as legal advisor to SSA Rakennus Oy on the Kivistö Siluetti 3D hybrid project

Magnusson acted as legal advisor to SSA Rakennus Oy in a hybrid project consisting of a shopping center and a residential tower in the Colosseum area of Kivistö. The project combines commercial development and diverse residential housing and has a total value of more than 100 million euros. 

The project is one of the first 3D real estate projects in Vantaa, Finland, and we have been involved from the tenancy negotiations to the implementation of the various joint arrangements and easements for the project area. Magnusson also assisted the developer with financing, setting up project companies, sale of shares, collateral arrangements as well as negotiating and drafting of construction contracts. 

In 3D real estate, the property boundaries are defined in three defining dimensions, rather than the traditional two-dimensional (2D) approach. This allows for the ownership, conveyance, mortgaging and management of properties that occupy different vertical spaces within the same geographical area.

“The Silhouette project is a testament to courage, determination and professional cooperation – not least in the current market situation in the industry. For Magnusson, too, the project has been a multi-year effort. As lawyers, such a large and diverse 3D real estate project has not only challenged us to create new delivery models and contractual structures but has also provided a unique opportunity to be fully involved in the different stages of a construction project,” says Partner Lauri Toivio, Head of Real Estate and Construction at Magnusson Finland.

Magnusson’s team also included Partner Heikki Wide, Associate Susanna Taivainen, Associate Elisa Myllylä and Associate Antti Muranen.

Read SSA Rakennus Oy’s press release on the project here.

Picture: SSA Rakennus Oy