Helsinki, Finland: For more than six decades, Munkkivuori has been the place where a neighbourhood meets. Now the country's first shopping centre is being rebuilt for the next generation, after NCC was commissioned by Munkkivuoren ostoskeskus Oy to refurbish and expand the Helsinki landmark in a contract worth approximately €46m.
Built in 1959, the centre is being upgraded to meet today's standards for functionality, technology and energy efficiency. The clock is already ticking: preliminary works are complete, demolition and groundwork have commenced, and project completion is scheduled for autumn 2028.
NCC's contract covers the refurbishment and redevelopment of approximately 23,000 m². The contractor will upgrade commercial premises, facades, courtyards and walkways, expand parking facilities, and demolish the north wing to replace it with a new building, all while preserving the centre's distinctive architectural features.
Catarina Molen-Runnas, Head of NCC Building Nordics, said: "The project is a prime example of a long-term partnering project combining challenging refurbishment work with new construction. The Munkkivuori shopping centre plays an important role in the area's identity, so it is important that the refurbishment respects the building's history while incorporating modern solutions. The aim is to create lasting value for the area's residents and businesses," says Molen-Runnas.
What deserves more attention from investors and developers is the model itself. Ageing neighbourhood retail estates across Europe face the same dilemma: demolish and lose the identity that drives loyal footfall, or preserve and risk falling behind on energy and technology standards. Munkkivuori's blend of heritage retention, selective new build and energy upgrades offers a template for unlocking value in mid-century retail assets, and raises the question of how many comparable centres are being overlooked while owners wait for a perfect moment to act. The order will be registered in the NCC Building Nordics business area in the fourth quarter of 2026.
NCC is one of the leading construction companies in the Nordics, with operations spanning building and infrastructure contracting, asphalt and stone materials production, and commercial property development. In 2025 it reported sales of about €5.1bn and 11,500 employees, and its shares are listed on Nasdaq Stockholm.
People mentioned
- Catarina Molen-Runnas, Head of NCC Building Nordics
Companies mentioned
- NCC, Nordic construction company contracted to refurbish and expand the shopping centre
- Munkkivuoren ostoskeskus Oy, owner and client commissioning the project
- ARCO Architecture Company, architecture firm behind the project illustration
Image source: Illustration, ARCO Architecture Company
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