Finland's National Enforcement Authority has approved the sale of shares related to Helsinki Halli, granting the parties permission to proceed with the transaction.
The buyer, Trevian Kasvu, a property investment company, had been previously named as the new owner in public reports.
Earlier this week, Finland's Ministry for Foreign Affairs also granted an exemption allowing the sale of shares previously owned by Russian oligarchs. For nearly three years since Russia's invasion of Ukraine in 2022, the arena has remained unused. In November the arena was reportedly starting to smell bad because the power had been cut, which turned off its ventilation system.
According to entrepreneur Heikki Viitikko, the figurehead of the real estate investment company Trevian Kasvu, the deal could make the arena open to the public soon after its years-long hiatus.
"We strongly believe that the arena will again be operational this spring," Viitikko said in a statement.
The enforcement authority's decision focused on whether the proposed sale could be approved under the Enforcement Code, allowing frozen assets to be converted into sale proceeds. The parties involved will now work under the supervision of an official from the National Enforcement Authority to complete the sale. The purchase price will be frozen in accordance with sanctions regulations.
"Cooperation with Finnish authorities went exceptionally well. We're extremely grateful and pleased that, despite the complexity of the case, the process was completed faster than we had anticipated," said Viitikko.
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