NCC Launches $52M Redevelopment in Espoo, Fusing History with Innovation

By: Velorine

Major project adjacent to Otaniemi University campus aims to redefine urban space with a blend of heritage and modern design.

Espoo, Finland – May, 2025 – In a bold move that highlights resilience in the Nordic real estate market, leading construction firm NCC has been commissioned by HGR Property Partners to spearhead a $51.97 million (SEK 500 million) redevelopment of the Metallum property in Espoo, Finland.

Located next to the bustling Otaniemi University campus home to some of Finland’s most prominent innovation clusters, the project seeks to transform a culturally significant property into a modern hub for business and retail, while respecting its architectural heritage.

The plan covers an expansive 19,500 square meters, including 15,000 square meters of new construction and 5,000 square meters of refurbished space. It also involves the demolition of an existing structure and the creation of an underground parking facility bringing both historical preservation and forward-thinking urban design under one roof.

Construction is slated to begin immediately and is expected to be completed by the end of 2026.

Bridging Past and Future

What sets this project apart is its dual purpose: preserving a building of historical value while constructing a cutting-edge commercial property. The complexity of balancing the old and the new has become a hallmark of NCC’s craftsmanship in the Nordics.

“Our task here is both to preserve a building of cultural and historical importance, and to build new premises. This requires careful craftsmanship and solid experience,” said Catarina Molén-Runnäs, Head of NCC Building Nordics. “We look forward to realising our shared vision together with HGR.”

A Collaborative Vision

The agreement follows a full year of careful planning and collaboration between stakeholders including tenants, urban authorities, and designers.

“Launching the project in this market situation signals that there is still a demand for high-quality, user-tailored developments,” said Veli-Matti Salonen, Senior Director of Construction at HGR Property Partners. “This is an excellent example of early-stage cooperation yielding long-term value.”

HGR’s commitment to engaging end users during the design phase reflects a growing trend in Scandinavian real estate: user-centric spaces that prioritize sustainability, flexibility, and wellness.

A Growing Nordic Footprint

The Espoo project adds to NCC’s rapidly expanding Nordic portfolio. Just weeks ago, the firm began work on a new primary school in Ängelholm, Sweden, and was tapped to overhaul Mälardalen University’s historic ‘S’ building in Västerås into modern offices. Both projects reinforce NCC’s reputation for tackling complex, community-oriented developments.

With demand for sustainable and adaptable urban infrastructure growing, especially in tech-forward regions like Espoo, NCC’s role is likely to become even more central in shaping the built environment across Northern Europe.

As the first demolition crews arrive on-site, the Espoo skyline prepares to welcome a space where Finland’s architectural heritage will meet its high-tech future.