Finland’s largest indoor event arena planned for Vantaa with €200m funding update

International investor EPower Capital will take a minority stake in Vantaa’s planned Arena 3.3 project, according to new details released Thursday by Yle.

The city of Vantaa will not finance or operate the arena but will establish a local events office. The project’s estimated cost is €200 million, including a 310-room hotel.

If built, the arena in Kivistö would be Finland’s largest indoor event space, with capacity for 20,000 people—exceeding Helsinki’s 15,500 and Tampere’s 15,000.

Earlier this year, the arena company provided Vantaa with €1 million in guarantees tied to the land lease and project execution. The city had previously declined to disclose the investor publicly.

Rumors had suggested funding from outside Europe, with past efforts to secure financing from the UAE and the US. Vantaa’s mayor Pekka Timonen previously told Yle that cross-border funding for such projects is common in Europe and that the city had conducted international due diligence on the capital’s origins.