Alma Media Corporation and Loistotoimistot Ky have signed a new 10-year extension agreement for the premises located at Alvar Aallonkatu 3 in Helsinki. Alma Media has been a tenant on the premises since 2012.
As part of the new lease, sustainable investments will be made in the premises. For example, a solar power plant will be installed on the roof of the house and parking spaces will be electrified. In addition, there will be a facelift to the interior of the property and usability will be improved. The changes will mainly be made during 2024.
"We are committed to investing in the building's energy efficiency, and with solar power installed on the roof of the Alma House, we can reduce the building's electricity consumption. Modern office premises in the heart of Helsinki are central to the development of employee experience and the company’s culture, and I am happy that we can continue on the premises for the next 10 years, says Alma Media's CFO Taru Lehtinen.
The commercial real estate leases are treated as lease financing agreements in accordance with IFRS 16 standard in the financial statements of Alma Media Group. The new agreement will have an impact of approximately EUR 10 million on the company's balance sheet position as financial liabilities increase due to the lengthening of the lease. The change in the agreement has no material impact on the Group's result or cash flow.
In autumn 2012, Alma Media's personnel working in Helsinki moved to a new five-storey office building in the heart of Helsinki, in a cityscape location next to Finlandia Hall and Oodi. The house was built by Lemminkäinen Talo Oy Pääkaupunkiseutu and built by Etera Mutual Pension Insurance Company, which merged with Ilmarinen, an earnings-related pension company, at the beginning of 2018. The office building was designed by JKMM Architects Ltd.