Napinkulma will be demolished in the spring. Until then, it will serve as a demolition art site.

The city of Imatra is buying the Napinkulma property for itself

The deal is based on a development agreement signed in 2015.

The city of Imatra is buying all of the shares of the Napinkulma real estate company for itself.

Currently, the main owner of the real estate company is Etelä-Karjalan Osuuspankki, which owns about 75 percent of the company.

The rest of the shares are half owned by Rakennusliike Evälahti Oy and the city's subsidiary Mitra Management.

The real estate company owns the plot of land in Napinkulma and the building located on it, and it also has cash reserves of around 300 euros.

The deal is based on an old agreement

The total purchase price of the now planned transaction is approximately EUR 1,1 million. Osuuspanki's share of this is 650 euros, and the rest goes to Evalahti (000 euros) and Mitra Management (225 euros).

The transaction and purchase price are based on the development agreement concluded between the companies in 2015, according to which the entire real estate company's stock should have been transferred to the ownership of Mitra Management. At that time, the agreement in question started the development of the Einonkatu property, to which Osuuspankki moved its operations from Napinkulma.

Why is the city now claiming the property for itself instead of Mitra Management?

- The implementation of a new construction project on the plot is not relevant now. Therefore, property ownership does not make sense for Mitra Management, and the stock will be transferred to the city. The purpose is to demolish the building on the plot and develop the plot as a public area, city manager Matias Hilden answers.

Demolition next spring

The goal is for the property to leave the street scene by the summer of next year.

The further use of the plot is still open.

- Regarding the development of Imatrankoski, there is an idea competition going on, through which good alternatives for the further use of the plot can also emerge, states Hilden.

Napinkulma's trade will be discussed next Tuesday in the city council. Read the presentation made to the city council here.