Newil&Bau and Kusinkapital have acquired a significant development complex in Otaniemi from the Finnish state-owned Senaatti

The Finnish residential developer Newil&Bau and the family-owned investment company Kusinkapital have purchased two blocks in the Kivimies area of Espoo. Kivimies, situated between Keilaniemi and Otaniemi, is one of Finland’s fastest-developing areas, where nature, sea, services, and workplaces combine in a comfortable manner.

The seller was the Finnish state, whose real estate assets are managed by Senaatti-kiinteistöt. The properties at Kivimiehentie 1 and 2, which are part of the transaction, are centrally located between the Otaniemi university campus and Keilaniemi. The buildings have previously been used for offices, laboratories, teaching, and accommodation.

Newil&Bau and Kusinkapital plan to develop the block for residential use, revitalize the area, and bring in more services, such as a daycare and a playground. The new owner is currently running an architectural competition, with the winner to be selected early next year.

“We see great development potential in the Kivimies area, where nature, sea, services, and workplaces combine comfortably. We aim to make it the most fascinating new residential area in Espoo, combining meticulous architecture, lushness, eco-friendliness, and services that make everyday life easier. We look forward to progressing the zoning change and developing Otaniemi together with the City of Espoo,” says Petri Ylivuori, CEO of Newil&Bau.