VYY has sold its shares in the Domus Bothnica building

VYY Holding Oy, a subsidiary of the Student Union of the University of Vaasa, has sold all its shares in Kiinteistö Oy Vaasan Ylioppilastalo. The buyer is Neotide Oy, which previously rented office space in the building. 

Domus Bothnica was completed in 2010 and is located in Palosaari on the campus of the University of Vaasa. Until now, the building has been jointly owned by VYY Holding Oy and Palosaaren Yrityskeskus Oy, both parties owning half of the shares in the student house. 

The decision to sell the shares is based on discussions and an analysis of the current situation in the Boards of the Student Union and VYY Holding, as well as in the Student Union Representative Council. VYY's Representative Council unanimously decided in favor of accepting the purchase offer at its meeting on 17 October 2023. The maintenance of the Student House has been an issue that has been discussed by the Student Union's Boards and Representative Councils for several years. Giving up ownership of the property is also a concrete step in the implementation of the new strategy adopted by the Students' Union in the spring.

"The decision to give up the house is the result of careful consideration and long discussion. This transaction opens up new opportunities for the Student Union to develop its activities and stabilize its finances in line with its strategy," says Lauri Tuohiniemi, Secretary General of the Student Union.

For the time being, the sale of the building will only affect the Student Union's activities by ending the management of the Domus Bothnica hall and sauna rental business. The Student Union's office and service office will remain in the building for the time being, but the possibility of new office space on campus is currently being explored.

"Event facilities play an important role in building and maintaining community, so it is important for the Student Union that there are functional event facilities in Vaasa and on campus. We will make a specific effort to ensure that there will be event facilities on campus or nearby for students and organizations also in the future," says Elmo Paloniemi, Student Union Chair of the Board.

Ernst & Young Oy acted as consultant to the sellers in the preparation of the transaction. The purchase price will not be disclosed.
 

More information

Elmo Paloniemi
Chair of the Board
044 324 8965 (calls only)
elmo.paloniemi@vyy.fi

Lauri Tuohiniemi
Secretary General
044 324 8964
paasihteeri@vyy.fi