The year 2025 marked a clear turning point for the Finnish real estate market. After several challenging years, early signs of recovery translated into tangible momentum: interest rates began to ease, transaction activity picked up, and international investor interest in Finland strengthened – particularly in infrastructure and data center–related investments.

For Trevian, 2025 was defined by disciplined strategy execution in a gradually reopening market. The company was active across multiple real estate sectors, completing complex transactions both as an investor and as an advisor, and advancing projects that only a short time earlier were widely considered difficult to execute. Leasing activity reached a record level, underscoring the resilience of demand for well-positioned assets. In parallel, Trevian continued its long-term focus on sustainability, energy efficiency, and customer value creation.

Below are the key highlights of Trevian’s year 2025.

Retrospective review: Market outlook 2025

In hindsight, Trevian’s market outlooks for 2025 proved well aligned in both timing and substance. The expectation of a gradual recovery in Finland’s institutional real estate market materialized broadly as anticipated, with activity gaining momentum in the second half of the year as interest rates eased and investor confidence improved.

The fall 2025 assessment of rising transaction volumes and improving liquidity also played out selectively. Capital concentrated in high-quality assets, while Finland’s position as an infrastructure investment destination strengthened – driven in particular by data center and energy-related projects.

Experience arenas: Helsinki Arena and Oulu at the core of the strategy

Experience-led venues emerged as Trevian’s most visible strategic focus in 2025. The company acted as an active developer, owner, and long-term operator in complex, high-profile projects that combine real estate development, regulatory coordination, and sustainable operations.

• The acquisition of Helsinki Arena was completed in February 2025 following approvals from the Ministry for Foreign Affairs and the National Enforcement Authority. Trevian Kasvu LP Ky acquired a controlling ownership stake in the arena under an agreement signed in November 2024.
• Trevian Asset Management serves as the arena’s asset manager. The transaction enabled the venue’s return to active operations.
• Live Nation was selected as the exclusive operator of Helsinki Arena under a 20-year lease and strategic partnership agreement.
• Veikkaus Arena, closed for more than three years, reopened to the public in October.
• The City of Oulu selected the Raksila 2.0 consortium, formed by SRV and Trevian, as the developer of its new experience arena project, with completion currently targeted for 2030.

Offices and logistics: Leasing activity gaining momentum

Trevian delivered a strong leasing performance in 2025 despite continued headwinds in office and logistics markets. Leasing volumes remained robust, and the year set a new record in total lease value.

• Plaza Business Park in Vantaa attracted multiple new tenants, with the Hehku and Pilke buildings leased to a diverse tenant base including WAGO Finland Oy, Lapp Automaatio Oy, Wetteri Oyj and Emaldo ApS. Orkla Care Oy’s lease extension further reinforced Plaza’s position as a high-quality office destination.
• Approximately 40,000 square meters of new logistics leases were signed during the year, highlighting Trevian’s sector-specific leasing expertise.
• Consti consolidated its Pirkanmaa operations into the Trevian-managed Sarankulma N35 property in Tampere, while Vianor renewed significant lease agreements in both Oulu and Tampere.
• Trevian and AB Sagax entered into an agreement to manage and reposition a nearly 70,000 square meter property in Rusko, Oulu, following Nokia’s exit from the site.

Shopping centers: Skanssi and Agore highlight the impact of active asset management

The shopping center sector showed notable resilience in 2025. Across Trevian-managed assets, leasing performance improved, tenant mixes strengthened, and overall commercial attractiveness remained high.

• Skanssi Shopping Center in Turku welcomed a new majority owner when a fund managed by Swiss Life Asset Managers acquired a controlling stake. Trevian acted as advisor in the transaction and remains a significant investor.
• Trevian Asset Management assumed responsibility for Skanssi’s commercial management and ongoing development, with a focus on tenant optimization and long-term value creation.
• Agore Properties’ 2024 sustainability results underscored the link between ESG initiatives and financial performance: Agore reduced its carbon footprint by 94%, increased renewable energy usage to 97%, achieved 94% occupancy, and raised customer satisfaction (NPS) to a record +42.
• Agore earned a 4-star rating with 85 points in the 2025 GRESB assessment, reflecting a systematic ESG strategy and the continued rollout of BREEAM In-Use certifications across the portfolio.

Strong demand for family-oriented housing

• Trevian’s and Nuveen’s first residential investment in Finland generated a strong market response.
• The €42 million investment addressed demand for high-quality, energy-efficient family housing in the Helsinki metropolitan area.
• Robust pre-leasing performance validated the investment strategy and provides a solid platform for future residential opportunities.

Data centers and Infrastructure: Digital infrastructure as a long-term growth engine

• Trevian expanded into infrastructure investments and launched its first data center projects, responding to accelerating demand driven by AI adoption, cloud computing, and broader digitalization trends.
• Finland has emerged as one of Europe’s most attractive data center investment destinations, and Trevian is actively involved in developing critical infrastructure for the new digital era.

Energy efficiency and real estate management: Measurable results and cost efficiency

• Hybrid power plants were in operation across five Trevian-managed properties.
• District heating consumption decreased by 49–62%, delivering material reductions in operating expenses.
• The hybrid power plant commissioned at the Iso Paja office building in January 2025 reduced the property’s carbon emissions by 184 metric tons during the year.
• At Shopping Centre Skanssi, electricity consumption declined by 10.5% over nine months, geothermal energy usage by 12.8%, and district heating consumption by 84%.
• Across the logistics and industrial portfolio, owner-controlled assets achieved a two-year reduction of 8.4% in electricity consumption and 8.6% in district heating usage.
• Data-driven management, energy optimization, and competitive procurement of service contracts lowered OPEX and improved operational efficiency beyond energy-related initiatives.

Northern Finland: An emerging growth market for real estate investment

• Trevian expanded its footprint in Northern Finland, strengthening its local presence and project pipeline.
• Oulu emerged as a focal point for experience arena, office and infrastructure projects.
• At the Business Arena North event, Trevian presented its view of Northern Finland as an emerging real estate investment growth zone combining expertise, infrastructure and future-oriented investments.

Summary

In 2025, Trevian demonstrated that long-term commitment, disciplined execution, and the ability to operate across market cycles translate into tangible results. The company acted as an active investor, asset manager, and developer across a broad range of real estate sectors in Finland.

As Trevian enters 2026, it does so with a strong project pipeline, improving market conditions, and confidence in the foundations for continued growth – both domestically and alongside international partners.

For more information, please contact:

Elisa Loitto
Head of Asset Management, Partner
+358 50 390 1581
elisa.loitto@trevian.fi

Trevian Asset Management is a Finnish real estate investment and asset management company focused on office, retail, residential, logistics, infrastructure, and multipurpose arenas, owned by its key personnel. We offer full-service asset management and structured investment services throughout the whole investment lifecycle. The services are focused especially for institutional real estate investors, banks, and other professional investors. Trevian’s assets under management is 1.2B€. www.trevian.fi/en