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 of its shares in Kiinteistö Oy Vaasan Ylioppilastalo. The buyer is Neotide Oy, which previously rented the premises.

The student house Domus Bothnica, completed in 2010, 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, and both parties owned half of the shares in the student house.

The decision to divest the shares is based on discussions held in the Student Union and VYY Holding boards of directors, as well as the Student Union's representative body, and an analysis of the current situation. The representative body decided unanimously to support the acceptance of the purchase offer at its meeting on 17 October 2023. The maintenance of the student house has been a topic of discussion in the student union's boards and representative bodies for several years. The divestment of ownership of the property is also a concrete step in implementing the student union's new strategy, approved in the spring.

“The divestment of the building is the result of careful consideration and long discussion. The transaction opens up new opportunities for the student union to develop its operations and stabilize its finances in accordance with the strategy,” states the student union's general secretary, Lauri Tuohiniemi.

The divestment of the building will only affect the student union's operations for the time being, as the management of the Domus Bothnica banquet hall and sauna rental operations will end. The Student Union office and service office will remain in the building for the time being, but the possibility of new office space in the campus area is currently being investigated.

“Event facilities play an important role in building and maintaining a sense of community, so it is important for the Student Union that there are functional event facilities in Vaasa and the campus area. With the transaction, we will make special efforts to ensure that there are event facilities serving students and organizations on the campus or in its immediate vicinity in the future,” says Elmo Paloniemi, the chairman of the Student Union board.

Ernst & Young Oy acted as the sellers’ consultant in preparing the transaction. The purchase price will not be disclosed.
 

Additional information

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

Lauri Tuohiniemi
Secretary-General
044 324 8964
paasihtire@vyy.fi