Finland’s largest multi-functional indoor arena, the Helsinki Halli (previously Hartwall Arena), has been sold to Finnish investment group Trevian Kasvu LP Ky.
The arena, a prominent fixture in Helsinki’s entertainment and sports scene since 1997, was previously controlled by Russian oligarchs, including Gennadi Timtshenko and the Rotenberg family. EU sanctions imposed on these individuals following the Ukraine invasion froze their assets, including their controlling stake in Helsinki Halli Oy, the arena’s operating company.
In November 2024, Trevian Kasvu LP Ky announced it had reached an agreement to purchase the Russian owners’ shares of Helsinki Halli Oy. This complex transaction, which included Class C voting shares held by Timtshenko’s and Rotenbergs’ company Arena Events Oy since 2013, required approval from EU authorities due to the existing sanctions.
After the sale, the arena’s ownership is divided as follows: River Estate Oy, which is entirely owned by Heikki Viitikko, holds 70%, Trevian Oy owns 26%, and Omla Oy has 4%.
The new owners anticipate the Helsinki Halli could be ready to host its first events as early as April 2025. The arena’s minor shareholders, approximately 550 individuals holding non-voting shares, including assets like luxury suites and club seating, will retain their stakes. Crucially, the sanctioned Russian oligarchs will not receive any financial proceeds from the sale. Their funds from the sale will be held in an escrow account managed by Finnish authorities, pending the potential lifting of sanctions in the future.