The partnership strengthens WasaGroup’s position as a domestic real estate developer and brings much-needed momentum to the market at a time when domestic capital has remained cautious.

“The Finnish capital is not currently moving sufficiently in the real estate market. Nordika is bringing significant new capital into Finland, which shows confidence in the market. This is a strong signal for the entire industry,” says WasaGroup’s CEO, Timo Pahkala.

Restarting growth after a challenging market period

WasaGroup sees the cooperation with Nordika as a strategic turning point. It enables the launch of new projects at a time when many market participants have remained on the sidelines.

“The past few years have been challenging for the real estate sector. This is a clear strategic step toward broader capital partnerships and a new phase of growth after quieter times,” the CEO says.

Nordika remains an active investor in the Nordics

WasaGroup views international capital as a key driver for the recovery of the Finnish real estate market. Nordika is a long-standing investor with experience across the Nordic real estate markets, having invested in Swedish real estate since 2014 and in Finland for several years. Nordika established a local office in Finland in 2023.

Strategic partnership to develop discount retail across Finland

Nordika sees the joint venture with WasaGroup as continuing to invest in the discount retail segment. The partnership brings together Nordika’s investment experience across the Nordic real estate markets and WasaGroup’s local development expertise, including established relationships with retail tenants.

“We see this as an opportunity to continue investing in a segment with an attractive return profile and strong cash flow generation,” says Joakim Ericsson, Head of Investment Management at Nordika. “WasaGroup has a proven ability to develop retail properties and maintains strong tenant relationships. Together, we believe this structure provides a solid foundation for building a well-performing, resilient retail portfolio over time.

More information:

Timo Pahkala
CEO
WasaGroup Oy
timo.pahkala@wasagroup.fi
+358 50 361 4664

Perttu Högerman
Transaction Director
WasaGroup Oy
perttu.hogerman@wasagroup.fi
+358 400 149 572

Joakim Ericsson
Nordika
Head of Investment Management
je@nordika.se
+46 70-891 02 24

Alex Andersson
Nordika
Investment Associate
aa@nordika.se
+46 70-891 02 24