Airut Oy established to lead the Kaivopiha development project

A new company, Airut Oy, has been established to manage and develop the Kaivopiha block in the heart of Helsinki. The company is owned by Keva, Mrec Investment Management Oy, and HGR Property Partners Oy, who acquired the complex in December 2025.

“This is a truly unique and highly ambitious project that simultaneously requires respect for the block’s history and the ability to create something new and significant. Every Helsinki resident has walked through Kaivopiha at some point. We want people to come to the area in ever greater numbers to enjoy what it has to offer”, summarises Tuomas Raikamo, CEO of Airut Oy.

Kaivopiha currently hosts 15 cafés and restaurants, more than 10 retail outlets, a 224-room hotel, and event spaces. In addition, more than 20 companies operate within the block’s office premises. “Kaivopiha plays a significant role in enhancing the appeal of Helsinki’s entire city centre. Airut Oy brings an experienced team to the project — one capable of transforming the block into an attractive destination for city residents and new visitors, while continuing to serve existing users responsibly and professionally” , says Kari Helin of HGR Property Partners.

“We see considerable long-term development potential in the Kaivopiha complex. Airut brings exactly the kind of dedicated, focused organisation this project needs to develop the whole in a structured and long-term manner together with the owners” , says Ville Mannila of MREC Group Oy.

For further information, please contact:
Tuomas Raikamo
+358 50 505 6262
tuomas.raikamo@airutam.fi