80% of the funding for the planned Turku railway yard experience centre has been raised.
The Turku Railway Yard Development Company, a group of private investors, is pleased with the additional investment by the City of Turku in the construction of the Railway Yard Experience Centre.
The City Council decided on Monday evening to finance the construction of an event arena in the railway yard with €42 million, instead of the €30 million previously agreed.
The cost of the Arena project is around €100 million and the total future investment in the whole district, excluding the housing component, is around €410 million, most of which will come from private investors.
Kilpimaa reminds that the private sector has also had to increase its investment in the railway yard project.
According to the company, the financing rate for the arena is currently 80 percent and the occupancy rate for all facilities is 70 percent.
– The company is aiming for an 80 percent occupancy rate so that construction can begin, says Kilpimaa.
In addition to contributions from the city and investors, the financing will be raised with a bank loan and with the help of the Ministry of Education and Culture for the construction of sports facilities.
– The biggest question at the moment is which direction the price of construction and interest will go, says Kilpimaa.
In addition to the event arena, the Ratapiha project includes, among other things, an experience center aimed at tourism, as well as space for businesses, services and housing.
Next, the city of Turku plans to buy the land from VR and sell it to the company planning the project.