Ylva, the real estate and investment arm of the Student Union of the University of Helsinki (HYY), has completed the sale of the residential and hotel property in the Lyyra block in Hakaniemi to the Niam. This transaction follows Niam’s earlier purchase of the adjacent office property in 2023, also part of the Lyyra development. With this acquisition, Niam now owns the entire Lyyra block, a significant mixed-use development in central Helsinki.
The sold property, finalized in 2024, consists of two parts: a residential building with 57 apartments and approximately 2,500 square meters of leasable space, and a hotel building featuring 178 rooms across 7,200 square meters of leasable area. Both parts include commercial premises on the lower floors.
The Lyyra project stands out for its environmental performance. Both buildings have received LEED Platinum certification, the highest international recognition for sustainable construction, and have been rated in energy class A.
The hotel portion will be operated by Citybox, a Norwegian hotel chain known for its affordable and minimalist lodging concept. The Helsinki location, opening in 2024, will be Citybox’s first hotel in Finland and will offer functional and modern accommodations in a central urban setting.
In addition to residential and hotel units, the Lyyra block will contribute to revitalizing the Hakaniemi area by introducing pedestrian-friendly spaces, new cafés, restaurants, and terraces, enhancing the local urban environment.
The sale is part of Ylva’s broader financial restructuring efforts. With Ylva’s debt totaling approximately €235 million at the end of 2023, the transaction supports the company’s strategy to stabilize its finances and reduce liabilities. The Student Union has previously announced its intention to review its property holdings and consider further divestments as necessary.
Ylva, which operates as a commercial subsidiary of the non-profit Student Union, also manages several key real estate assets in Helsinki’s city center, including Kaivotalo, Citycenter, and both Vanha and Uusi Ylioppilastalo (”Student House”). It also runs the Unicafe restaurant chain.
The value of the transaction has not been made public. JLL served as Ylva’s commercial advisor, while Avance Attorneys acted as legal counsel during the process.