New name, new winds – LAK is now AVIA Real Estate

LAK Real Estate takes a considerable step forward as a developer of the Aviapolis area. The name change is conditioned by new winds which will further solidify the company’s position as a leading property developer of the airport city and the Aviapolis area. The new name communicates strongly about AVIA Real Estate’s future focus.

The properties owned by the company have already been partially transferred to the members of the Avia
family. By the present change we want to anchor the company name even more firmly in the future focus
areas. The new name AVIA Real Estate conveys a strong message about the company’s future plans.

”The company has been a considerable developer of the Aviapolis area for a long time already, and our
position as an area developer will grow even stronger during the next decades. We have this unique
opportunity to commence the construction of a brand-new and original airport city jointly with other local
operators and the City of Vantaa. Since the city-planning phase, responsibility and sustainable construction
have been high on our agenda, and there is a great many new projects about to be launched as we speak.
Now is the time to switch over to a higher gear, so to say,” CEO of AVIA Real Estate Ilkka Pitkänen

Lentoaseman Kiinteistöt (LAK) (former company name and abbreviation, Finnish for Airport Properties) was
originally incorporated in 1999 as a response to Finavia’s quest for facilities serving air traffic of different
kinds and providing support to airport functions. In the first phase the construction activity was solely related
to air traffic.

”Afterwards the activity expanded to office construction, and we could have as our clients also operators
other than those strictly related to air traffic. At the time, Hotel Hilton was an opening in yet another
direction, and by the time the Aviapolis development was launched, LAK had adopted the role of an area
developer,” former CEO of the company and presently Rakka Works’ entrepreneur Antti Ala-Heikkilä reminisces.

In connection with the ownership arrangements taken place in 2018 two experienced operators in real
estate – NREP and Pontos – became co-owners of LAK along with Finavia. The renewal that took place owing to the transaction made it possible for LAK to use their potential even better, and new strategic outlines
were set for the activity, thanks to the new owners.

In 2021 it is time to take the next step. The city-planning and development work has been prepared for long,
and new projects of considerable size are about to start. The company name change is fully in line with the
long-prepared strategy.

Further information:
CEO Ilkka Pitkänen, AVIA Real Estate Oy
+358 40 667 0906