Annual Reports

Annual report 2021

Kaapeli in a nutshell: 

- Property company wholly owned by the City of Helsinki 

- Turnover EUR 8M, balance sheet EUR 72M

- Occupancy rate 99 %

- Manages approx. 100,000 m2 space

- Owns the buildings managed

- Income-financed and market-based

- No public subsidies

- No curated content, tenants have full artistic freedom

- Flexible pricing model

Kiinteistö Oy Kaapelitalo formally started operating on 27 November 1991. The company’s registered office is in Helsinki. The company’s share capital comprises 10,611 shares of the same series, all owned by the City of Helsinki. Since 2017 the company has had a subsidiary, Kaapeli Media Centre Ltd, of which it is the sole shareholder.

The 2021 financial year was significant for the company because the Dance House Helsinki construction project was completed that year. The Covid pandemic, in its second year, continued to significantly impact the company’s short-term rental activity.

The organisation continued to grow in the financial year. The company recruited a building coordinator and a property and administration assistant. Hourly paid workers were also hired for lobby service roles at the company’s subsidiary.

The company deployed the ALMA ERP system.

The company’s new strategy was also finalised in the financial year.

Developments in our properties

In terms of developments in our properties, the Dance House Helsinki project was completed on schedule in the third quarter of the financial year. The Covid situation led to a budget overrun of 5%. We were, however, able to hedge against the worst post-pandemic spike in building material prices, and the company was able to cover the budget overrun with a new loan.

The boiler room at the N10 building was renovated and construction of shower facilities and accessible toilets started. A historical survey of the premises was also completed by the end of the financial year.

In Suvilahti the company participated actively in planning and development work in the area. An architectural plan was drawn up to convert building 10 in Suvilahti into a café.

Rental activity

In terms of rental activity, the company’s long-term facility occupancy rate remained high during the financial year (over 95 %). A rental agreement was made for Dance House Helsinki in early December. In Suvilahti the company found a new restaurant operator for building 8.

The Covid pandemic restrictions significantly impacted short-term rentals of the company’s event spaces, because many of the events had to be cancelled. 

Tenant services

Tenant services were also improved during the financial year. Postal services for Cable Factory tenants were moved to Cable Factory’s Konttori lobby services space early in the year. This change was received positively by tenants.

In Suvilahti the community manager remained active, including by advertising tenants’ services to local residents.

Workshops were held for tenants at N10 on improving the premises.

The annual tenant satisfaction survey was carried out in December.

Visitor services

In terms of visitor services, the company launched the Cable Factory’s new website in June, offering an improved service to visitors. The site has information on what is happening in the building right now and stresses the diversity of the service offering. Visitors’ feedback on Cable Factory’s Konttori was also positive.

Due to the restrictions caused by the Covid pandemic, visitor numbers in the company’s event spaces were very low compared to “normal years”. Due to the Covid situation the improved visitor feedback system could not be deployed.

Events and international collaboration 

In the financial year the company also remained an active collaborator in events and internationally. In the reporting period, as part of the Creative and Cultural Spaces and Cities project, the company organised the New Year, New Start hybrid event and, inspired by the ARMAS festival, an international webinar entitled To Infinity and Beyond – Visions and Strategies for the Arts and our Ageing Society. The ARMAS festival was held for the fifth time in October.

The company continued international collaboration via ECBN (European Creative Business Network), ECHN (European Creative Hubs Network) and TEH (Trans Europe Halles) and as part of the ICE consortium participated actively in preparing the Cultural & Creative Knowledge and Information Community (KIC) of the European Institute of Innovation and Technology (EIT).


The company’s turnover in the financial period was EUR 6,643,838.15 (2020: EUR 5,221,302.63). The result after depreciation was a loss of EUR 63,548.94 (2020: loss of EUR 1,102,552.93). The Board of Directors proposes that the loss be transferred to the profit/loss account and that no dividend be paid.

The majority of the company’s income comes from premises on long-term leases (approx. 93 %). Premises leased on a short-term basis are also a significant income source (approx. 5 %). The result largely in line with budget. The negative result was due to an accounting item resulting from a change in the company’s holiday pay period calculation during the financial year. 

In terms of the financing of Dance House Helsinki, the City of Helsinki invested EUR 8,300,000.00 in the company’s unrestricted equity reserve in March. In August the company drew down a loan of EUR 10,000,000.00 to finance its own contribution to the Dance House Helsinki project.

The VAT liability of Kiinteistö Oy Kaapelitalo varies by site: over half of our long-term rental income is VAT-exempt, whereas short-term rental income is fully subject to VAT. VAT is charged on around half of the floor area that the company manages. Dance House Helsinki will be fully subject to VAT.

Board of Directors

As of the end of the financial year, the Board of Directors comprised Anna Baijars (chair), Marja-Leena Rinkineva (vice chair), Martina Linder, Teemu Mäki, Stuba Nikula, Miia Pasuri, Dimitri Qvintus and Pauliina Saares. The Board met 8 times during the financial year. The statutory annual meeting was held on 26 May 2021.

The auditor responsible was Heikki Ruosteenoja, KPMG Oy.

New strategy period 

The company’s new strategy period began at the start of 2022. The new strategy puts increased emphasis on responsibility, the tenant and visitor experience, definition of the Suvilahti strategy and renovation of N10.

For 2022, the company expects rentals of short-term event spaces and outdoor areas to return to pre-pandemic levels by the end of the year.  

As regards property improvements, the focus will start to shift to Suvilahti and N10, even though many projects linked to Dance House Helsinki are still ongoing.

In the 2022 financial year, responsibility and sustainable development objectives will be integrated into all of the company’s decision-making.

The organisational structure will be overhauled to respond better to the needs of the company’s three cultural centres.

International collaboration will focus on finalising an application to EIT Culture and Creativity, interaction in the company’s membership networks and possibility upcoming EU projects. 

See also:

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