Aku Dunderfelt to lead MuniFin’s Customer Finance

Aku Dunderfelt (born 1975) has been appointed as the new Head of Customer Finance and a member of MuniFin Executive Management Team. Mr Dunderfelt has previously worked in different positions in the financial sector, Mr Dunderfelt begins in his new position at MuniFin on 5 August 2019.

– Aku has extensive experience within the banking sector. He will bring with him strong expertise in customer relations, says Esa Kallio, the President and CEO of MuniFin

Further information:

President and CEO Esa Kallio, tel. +358 50 337 7953.

Timo Vesala appointed Chief Economist at MuniFin

Timo Vesala, 44, has been appointed as Chief Economist at Municipality Finance (MuniFin). The role of Chief Economist is new, since MuniFin has not previously had this position. Mr. Vesala held the role of Chief Economist at Savings Banks Group before joining MuniFin.

– Mr. Vesala has a strong background in research, portfolio management and most recently as a chief economist. This unique skill set brings along valuable and wide-ranging expertise. The role of the Chief Economist at MuniFin is different from similar positions in commercial banks as this role has an especially strong societal aspect. MuniFin’s mission is to build a better future together with our customers. With the help of Mr. Vesala’s new role we will be able to deepen our own expertise and support our customers’ every day work in a very concrete way by helping them to interpret the effects of global economic trends to municipal finances in Finland, says Esa Kallio, the President and CEO of MuniFin.

– As the Chief Economist Mr. Vesala will have a strong role throughout MuniFin’s organisation, supporting the decision-making in different business areas. MuniFin’s EUR 6–8 billion funding program makes it crucial to analyse the developments in the global markets, says Joakim Holmström, Head of Capital Markets at MuniFin. 

However, it is just as important to be able to offer insight of future trends in Finland.

– Besides the global markets, MuniFin’s Chief Economist has to understand the impacts of both international economic developments and Finland’s internal trends for the Finnish economy. This is crucial in order to thoroughly understand our customers’ operating environment, Mr. Holmström says.

– I see working as MuniFin’s Chief Economist an opportunity to be part of a company that has a central role in the Finnish society. Due to the wide-ranging nature of the role, I feel I am in a position to make a great impact. As an economist I want to give the company and its customers a reliable view on the big picture and the direction where the economy is headed, Timo Vesala says.

Further information:

President and CEO Esa Kallio, tel. +358 50 337 7853

Executive Vice President, Capital Markets Joakim Holmström, tel. +358 50 444 3638

Chief Economist Timo Vesala, tel. +358 50 5320 702

Master Class was an interdisciplinary feast – “Everyone builds their own life story”

It offered an interdisciplinary, dialogic approach, pragmatic problem solving and the genuine opportunity to have an influence. These are the issues that are repeated, even after the course has come to an end in March, in the speeches of the winning team of the challenge-based Hyvä (yhteis)kunta Master Class, organised by Municipality Finance and the University of Helsinki.

One of the members of the winning team is a student of political history, Kaarina Tuokko, who wanted to attend the course to test her skills through concrete themes.

“I applied to the course to prove to myself that I am actually able to make use of the things I have learned in practice, and not rely purely on theory,” Tuokko says.

The teams of about four students who participated in the course developed their own concrete solutions to the real challenges Finnish municipalities and cities are facing. The solutions addressed community spirit, interaction, the importance of physical activity, inclusion, functional services for the elderly, the utilisation of data and the diversity of digital material.

“The challenges of the course were diverse and genuinely identifiable problems in our society, which made the whole programme particularly fascinating. The most rewarding moments were those where we found solutions and felt that we were achieving something tangible. There should be more of this kind of teaching,” Tuokko continues.

The other members of the team, Ilona Mikkonen, Susanne Valta and Mia Åström, agree.

Mikkonen is a doctor specialising in psychiatry and explains that this work allowed her to see what inequality in society can do to people. She immediately felt that the themes of the course were important and interesting.

“We made a truly interesting group with people from different disciplines. We immediately found some synergies and good dynamics. The topics are far-reaching social issues, and there is no unambiguous answer to them. I personally think that everyone builds their own life story and takes on the role of an active participant, instead of it being given to them ready-made by external forces,” Mikkonen explains.

Social problem solving comes first

A student of general and adult education, Susanne Valta says she is particularly interested in the challenges of sustainable development and the rational use of resources in a welfare state, which is why the notification of the course beginning immediately piqued her interest.

“The whole programme sounded fascinating because of these things, and it really was. I think I will be working on similar challenges later on in my career,” Valta says.

A master’s student of social and public policy, Mia Åström found that the strong interdisciplinary approach of the course brought not only information from the perspective of other disciplines to solving the problem, but also a confidence in her own skills.

“The Master Class differed from other courses due to its special, defined process. Each time we met, we had to ponder a different phase of the task and make progress with it by writing about it. I also made friends with the amazing women in my team. Without this course, I wouldn’t have come across them or their disciplines during my studies,” says Åström.

The winning piece of work

The multidisciplinary winning team ‘Hyvinvoinnin asialla’ (‘Promoting Well-being’) developed a model that makes it possible to measure the effectiveness of an investment to people’s well-being. The team focused particularly on the social exclusion of young people and its prevention. Their solution is based on the tree of meaningful agency, which draws on various theories about the welfare impacts of investments. The Jury was impressed with the team’s excellent collaboration across various disciplines.

What is a Master Class? This spring, the University of Helsinki and Municipality Finance organised collaboratively a challenge-based Master Class programme with the theme of sustainable well-being in the municipalities and cities of the future. The programme was specifically geared towards master-level students and young researchers or professionals interested in the sustainability of the future welfare state, urban development issues and social effectiveness. The course consisted of three months of facilitated teamwork, during which multidisciplinary teams, supported by mentors, developed their own concrete solutions to one of three challenges, while utilising the design thinking methodology and co-creation tools.
Source: University of Helsinki

Text and photos: Pihla Hakala

Changes in Municipality Finance Executive Management Team

Two members of the Executive Management Team of Municipality Finance (MuniFin) are to change. The CFO Marjo Tomminen and Head of Customer Finance Jukka Helminen are leaving their positions and will not continue working for the company. These decisions were made in a mutual understanding and the changes will take effect immediately.

– I would like to thank Marjo and Jukka for the work they have done for MuniFin in the past years. I wish them all the best for the future, says Esa Kallio, the President and CEO of MuniFin.

Harri Luhtala (born 1965, M.Sc. Econ.) has been appointed as the new CFO and a member of MuniFin Executive Management Team. Mr Luhtala has previously worked in different positions at OP Financial Group, where he last acted as CFO. Mr Luhtala begins in his new position at MuniFin on 8 May 2019.

The selection process for a new director to lead MuniFin’s customer finance is currently ongoing. Customer Finance is temporarily lead by Joakim Holmström, the head of MuniFin’s Capital Markets. Mr Holmström will lead Customer Finance until the nomination of a new Head of Customer Finance.

– The finance industry and our customers’ operating environment are changing rapidly. In order to respond to these changes we need to develop the line-up of our Executive Management Team to better serve our customers’ and internal needs, Esa Kallio says.

Finding friends at work – it all started with an evening brunch

“I think we first started chatting at an after work event,” Jenni Heikkilä and Sina Westerberg say, recalling how they met.

Westerberg is a Financial Controller who started work at MuniFin in 2014 alongside her studies, while Heikkilä, who works with the Apollo tool for financing portfolio management and economic planning, had come to the company a couple of years earlier.

The women share not only the workplace, but also a close group of friends who have bonded and become friends at work. It all started with a shared evening brunch a few years ago.

“We were having breakfast in the evening, because everybody wanted waffles,” Heikkilä says.

Every now and then, this group of seven women get together on a weekday morning to enjoy a slightly better breakfast, which is why the group goes by the name Fancy Breakfast Club. The club members all work in different departments and in various positions at MuniFin.

“Breakfasts are our thing, a way to keep in touch with each other even when we don’t have time to meet otherwise. After breakfast, we head to work together. If we don’t have time for a long breakfast, we pop over for a morning coffee somewhere nearby,” says Westerberg.

It all started with breakfast, but the club members have also travelled in various configurations and taken part in each other’s special celebrations.

“One of the members of the group got married recently and, of course, we were invited to the wedding. Now we are waiting for an invitation to the christening,” Westerberg grins.

The workplace supports friendships

Heikkilä and Westerberg feel that the workplace, its atmosphere and encouraging environment have an impact on friendships being born.

“We have a really nice bunch of people here. It’s a lovely work community, and we have a lot of fun together. If I’m in a bad mood when I arrive at work, I find myself cheering up as the day progresses,” Westerberg says.

“The atmosphere here is welcoming, you can be yourself here,” Heikkilä continues.

MuniFin has grown a great deal in recent years, and a lot of new people have joined the company. Its activities and services have also evolved at a fast pace; for example, the Apollo service didn’t exist when Heikkilä came to the house.

As an employer, MuniFin encourages people to get to know their colleagues also outside of working hours and offers an excellent framework for this.

“Our staff club Kursiseura organises various activities related to sports and physical activity, culture and various other activities where the threshold for joining in is low. At these events, it’s easy to get acquainted with colleagues you don’t often have a chance to talk to otherwise.”

Westerberg and Heikkilä explain that there are other groups of friends at MuniFin too who spend time together and go, for example, skiing. What does a joint workplace actually bring to a friendship? According to Heikkilä and Westerberg, the shared workplace is nothing but a bonus.

“You see each other much more than you would otherwise. Sometimes you’re busy and may not see your other friends for months,” Westerberg ponders.

“You don’t lose track of what’s going on in a friend’s life,” Heikkilä continues.

One of the FTC members has recently changed jobs, but remains closely involved in the group. The two women feel that having friends in the workplace is important for job satisfaction.

“It’s difficult to imagine there being such a close group of friends anywhere else. If I was offered a job somewhere else, I’d have to ask them if they have jobs for my friends too,” Heikkilä laughs.

Municipality Finance CEOs meet each other in Yrityskylä for schoolchildren – “We need more of these”

On this sunny Friday morning, the facilities of the Museum of Technology in Vanhakaupunki, Helsinki are filled with the buzz of conversation, laughter and excitement when dozens of 12-year-olds from various schools around the city gather together. After a while, the hum of voices dies down and the schoolchildren divide into small teams. The long-awaited working day in the Yrityskylä business village is about to start.

Yrityskylä is a society specifically for schoolchildren, reminiscent of a miniature town, where pupils have the opportunity to work in their chosen profession and role, and also to get paid for the work they do. Many socially significant brands and their miniature companies are represented in the museum’s premises, including Nordea, ABB, Helen,  Lidl, OP, Terveystalo, the K and S Groups, Martela, Fortum and UPM Kymmene. Walking along the corridor, you come to the Municipality Finance office, where a team of four are gradually starting their working day.

The President and CEO of the miniature MuniFin, 12-year-old Mona from Käpylä school, is carefully preparing for the tasks of the day, consisting of evaluations of customers’ investment projects and shared meetings and reviews. She gets through her tasks using a tablet – the entire learning environment is digital and gamified. Mona’s team includes Responsibility Manager Aslak, Account Manager Aleksi and Financing Manager Emil.

In Yrityskylä, the students act as employees, citizens and consumers and, after being paid, take responsibility also for their spending. On site, it is clear to see that each team is highly motivated and takes care to acquaint themselves with the tasks assigned to them.

“This is a tangible way to teach children skills they will be able to use in the future. More attention should be paid especially to financial skills right from the first few years of school,” says Tiina Solas, Partnership Manager at Yrityskylä.

Following the curriculum

This is a special day, especially for the young MuniFin employees, because today Mona will meet her colleague, the President and CEO of Municipality Finance, Esa Kallio, who will be visiting Yrityskylä.

“Yrityskylä is a brilliant idea. These are exactly the kinds of projects we need more of in today’s society, rather than cuts in education. Practical action is an important route to learning,” says Kallio.

Mona is a CEO with plenty of initiative and is happy to tell Kallio about her day. This meeting does not make the young leader nervous.

“I’ve had a lot of fun in the Yrityskylä and there have been no boring moments at all. Some things are quite difficult but not impossible, and you learn a lot from the tasks,” Mona says.

The work performed by Yrityskylä is nationally significant.

“In 2019, we are already reaching 75% of Finland’s sixth graders and 40% of ninth graders from nearly 200 municipalities. There are more than 100 partners involved,” Tiina Solas explains.

Piloted by Economy and youth TAT, Yrityskylä is a Finnish learning complex that has been recognised as the best educational innovation in the world. It is designed to provide sixth and ninth graders with positive experiences of the economy, working life and society. The entire operation is based on the curriculum of the Finnish National Agency for Education. Read more at: yrityskyla.fi

Text: Pihla Hakala
Photos: Jari Kinnunen

MuniFin goes green again – with exceptionally strong investor demand

The mandate of a new 10-year Green bond was announced in the afternoon on Monday 1 July. On Tuesday 2 July MuniFin arranged a Global Investor Call and books for the benchmark were opened on Wednesday morning, 3 July at mid-swaps -5 area. Investor demand was exceptionally strong from the outset and the book grew quickly. Just over an hour after announcement (10.10 CET), the guidance was revised directly to -7 bps area, with orders over EUR 1.2 billion. Books closed at 11.00 CET at mid-swaps -8 basis points. The final order book was over EUR 2 billion. Close to 90 accounts participated in the transaction.

The order book was dominated by investors from Europe, accounting for 81% of the transaction. Asia presented 12%, North America 6% and the Middle East 1%. Central Banks & Official Institutions represented the largest share of allocations (34%), closely followed by Banks (30%), Insurance Companies & Pension Funds (20%), Asset managers (15%) and Others (1%).

The transaction is MuniFin’s second EUR-denominated Green bond, having issued a USD Green bond in 2016 as well as a EUR and AUD Green bond in 2017. With this transaction MuniFin has issued approximately EUR 1.5 billion equivalent in Green bond format.

“We started our green journey more than three years ago and this is our fourth Green bond issued so far. We are very pleased to see that investors are comfortable with our credit and the green story. The investor base in our Green bonds is much broader than in our conventional benchmarks, which also reduces execution risk. Pricing through our existing EUR benchmark curve shows that investors are thirsty for Green bonds”, says Antti Kontio, Head of Funding and CSR at MuniFin.

“MuniFin won Environmental Finance’s Green Bond Issuer of the Year (SSA) Award for its inaugural Euro-denominated Green Bond transaction, and MuniFin’s second EUR Green Bond has echoed the success of the first. It was a phenomenal success; in terms of oversubscription, both high-quality and sustainability focused investor participation, and pricing outcome seen at negative 2 bps new issue premium, despite a challenging low-yield environment. The outstanding result is a testament to MuniFin’s dedication to the Green Bond market and its marketing efforts and excellent relationship with the Green Bond investor community”, says Kamal Grossard-Amin, Head of SSA DCM at Nordea.

Details of the transaction:

EUR 500 million 0.05% Green Benchmark due 6 September 2029

Issuer: Municipality Finance PLC (Kuntarahoitus Oyj)
Rating:Aa1/AA+ (Stable/Stable)
Issuer Size:EUR 500m
Payment Date:10 July 2019
Maturity Date:6 September 2029
Coupon:0.05% Fixed, Annual, Act/Act, ICMA, Short first
Re-offer Price:99.970%
Re-offer Yield:0.053%
Re-offer vs Mid Swaps:       -8 bps
Re-offer vs Benchmark:    +43.8 bps over DBR 0.25% due Feb-29
Lead Managers:   Crédit Agricole CIB, HSBC, Nordea, Rabobank

More information:

Antti Kontio, Head of Funding and CSR, tel. +358 9 6803 5634

Joakim Holmström, Head of Capital Markets, tel. +358 9 6803 5674

Nasdaq Helsinki is the new listing venue for MuniFin’s bonds

On April 5 MuniFin listed its four outstanding benchmark bonds on Nasdaq Helsinki. The bonds are issued under MuniFin’s EUR 30 billion euro medium term note programme (EMTN.)

The listing of these bonds marks the first step in Munifin’s ambition to list all their new bonds under the program requiring listing on Nasdaq Helsinki. A euro medium term note is a medium-term, flexible debt instrument designed to make it easy for issuers to raise capital and enter foreign markets.

– We are pleased to use Nasdaq Helsinki for all our future bond listings. MuniFin is one of the most active bond issuers in Finland and we have a diversified and growing investor base around the globe. Nasdaq Helsinki is a well-recognised stock exchange and a natural choice for us, said Joakim Holmström, Head of Capital Markets at MuniFin.

– We are dedicated towards building a strong and dynamic Nordic financial market and are keen to partner with MuniFin in it. Last year we launched a dedicated Sustainable Bond market in Finland, and MuniFin was the first issuer to list green bonds on Nasdaq Helsinki. MuniFin is a market leader and we are pleased with their decision to list additional bonds in Helsinki today. We look forward to developing a booming bond market in Finland and hope MuniFin’s decision will inspire other issuers to join the market, said Henrik Husman, President of Nasdaq Helsinki.

– MuniFin’s green bond listing last year attracted a lot of attention and we believe it contributed to a pipeline of prospective new green bond issuers in Finland. There is no doubt in our minds that the Finnish market will see more green bonds being issued in the coming years as the market is amongst the most mature in terms of sustainability and transparency, said Ann-Charlotte Eliasson, Head of Nordic Fixed Income listings at Nasdaq.

MuniFin’s USD 1bn benchmark three times oversubscribed within one hour

Books opened on Wednesday morning at 8.00am GMT with guidance of MS +15 bps area after first collecting indications of interest at +16 bps area overnight.  The books were closed shortly at 9.00am GMT, the strong demand allowing MuniFin to fix the spread at MS +14 basis points. Final orders were in excess of USD 3 billion. This represents the largest-ever orderbook for a MuniFin USD benchmark.

– We are delighted with the outcome of the trade. The USD is one of MuniFin’s strategic benchmark markets and we’re pleased to have seen such a strong reception for this trade from our long-standing investor base. This was one of the fastest book-building processes for a USD transaction that I can remember and the USD 3bn+ of orders represent the largest-ever orderbook for a MuniFin USD deal, says Joakim Holmström, the Head of Capital Markets at MuniFin.

More than 45 investors participated in this transaction with particularly strong demand from central banks, official institutions and bank treasuries. Geographically, half of the demand originated from the EMEA region.

Keys to success: strong name recognition and swift reaction to a favourable market backdrop

The lead managers of the transaction were Bank of America Merrill Lynch, BMO, Nomura and Scotiabank.

– This is an outstanding result for MuniFin’s first USD benchmark of the year. A three times oversubscribed book and pricing through their curve is testament to MuniFin’s strong name recognition in the USD market, comments Managing Director Massimo Antonelli of BMO Capital Markets.

– Municipality Finance delivered a textbook USD benchmark transaction by moving swiftly in reaction to a favourable market backdrop. The outsized orderbook reflected a broad appeal of the name to a wide variety of investors; this in turn allowed Municipality Finance to price extremely tight versus its curve and its peers, says Cesare Roselli, Managing Director of Scotiabank.

Issue size: USD 1 bn
Settlement date: 20 March 2019
Maturity date: 15 November 2023
Re-offer spread: MS +14bps / CT5 +20.2bps
Coupon: 2.500%
Re-offer: 99.471% / 2.622% s.a.

Turku T3 – The hospital concept for a new kind of thinking to be completed in 2021

“Able withstand a train crash,” reported the public service broadcasting company Yle in June 2018. Eighteen months earlier, the tone of reporting had been quite different: errors had been discovered in the foundations and vertical structures of the hospital’s concrete deck which was designed to cross over the railway and motorway running from Helsinki to Turku. The concrete was too brittle, and its strength was not estimated to withstand the strain caused by a potential collision. Demolition and repair work was started immediately, but already almost 3,000 cubic metres of concrete of deficient strength had been set in place. This caused a substantial delay in the construction work.

“The dismantling and rebuilding of the structures already made will delay the completion by about ten months. The contractor is responsible for the costs of dismantling and rebuilding, but the delay will also cause significant expenses for the Hospital District. This is distressing, of course, but fortunately we were able to negotiate the costs and organise flexible funding,” said Project Director Timo Seppälä at the time.

Happily today there are good news about the construction site. The new concrete deck is strong enough and set in place, and the new hospital will be completed in the autumn of 2021. The new building will house some key functions of the dilapidated U Hospital, which was built in the 1960s. These functions include the treatment of children and adolescents; childbirth and gynaecology; ear, nose and throat, and medical support services, such as clinical neurophysiology and medical imaging.

Flexible financing with real-estate leasing

The original project design for the new T3 building was approved in 2014. This large-scale project involves numerous partners. The project belongs to the Hospital District of Southwest Finland and is located on land owned by the City of Turku, while underneath the new hospital the railway lines and the Turku-Helsinki motorway serve travellers.

Three years ago, MuniFin joined the project as its financier. The T3 hospital is an extraordinary project not only because of its architecture, but also its funding. The Hospital District decided to finance it with flexible real-estate leasing.  

“In the economy stabilisation programme launched in 2012, we committed ourselves to a maximum loan portfolio of MEUR 200 in our Hospital District. Due to our large investment programme, our debt-to-equity-ratio was already quite high. We wanted to reduce the price risk associated with refinancing, while keeping the financial model easily comparable to our own balance sheet financing. It was absolutely necessary to start the T3 hospital project, and that is why we chose the flexible real-estate leasing offered by Municipality Finance,” says Leena Setälä, the Hospital District’s Director of Strategy.

The T3 project is MuniFin’s first hospital project implemented with real-estate leasing.

Real-estate leasing is a flexible alternative to conventional balance sheet loans. With financial leasing, the costs are divided over a long period of time, without the investment burdening the balance sheet, as it does when using a balance sheet loan.

“In practice, we act as the financier and owner of the T3 Hospital. The Hospital District has selected the contractor responsible for the construction through competitive tendering and will lease the building from us with a leasing contract after its completion,” Department Director Kirsi Räbinä from MuniFin explains.

In a long-term construction project such as the T3 hospital, funding needs to be carefully considered from the point of view of its long-term effects. The newly updated price tag of the eight-storey new construction with a total area of about 55,000 square meters is approximately MEUR 190.

In the project plan, the project’s costs have been estimated according to the 2014 Tender Price Index. However, the cost level of construction at that time was completely different to what it will be in 2021, which is the time frame for the construction and financing of the T3 hospital. Due to the faster than anticipated rise of construction costs and the prolonged completion schedule resulting from the problem with the concrete, the project funding had to be reviewed, and a budget negotiation was held in the summer of 2017.

“We went through the costs of the project, the development of building cost indexes in the coming years and factors that had caused additional costs, such as the concrete problem. The flexible renegotiation of financing was a win in a difficult situation,” Setälä says.

The missing piece completes the whole

The Finnish hospital stock is at a stage where new constructional solutions are needed. New technical possibilities and needs require precise planning and some skill at predicting the future.

“The hospital must stand the test of time and be able to serve not only the current but also future needs of health care. Demographic factors, future illnesses and the functioning of the premises have been taken into account in the planning,” Setälä says.

The ambitious and impressive location of the new T3 hospital is more than the fruit of architectural passion. Located on top of high-speed transport connections, the hospital provides easy access from the outside, but also brings synergies within it. T3 forms a continuum with other parts of the hospital. The same courtyard houses Hospital A built in the 1930s and the facilities of the University of Turku’s Faculty of Medicine, also known as Medisiina D. The future campus area will enable, among others, close cooperation between teaching and research and sharing the facilities between students and the hospital.

“Whereas in the past the railway and motorway split the hospital area apart and separated the units, they now combine them into a functional whole,” explains Riikka Aaltonen, Project Director of Functional Design.

The starting point for the design were the synergies between the various functionalities.

“We are seeking operational reforms that will reduce, for example, the unnecessary movement of goods and people. The new connection will allow the operating theatres, among others, to function in the same building as one operating unit. This will benefit both patients and the staff,” Aaltonen continues. 

Unification is an important point not only for functionality but also from the point of view of symbolism: T3 is the missing piece of the hospital area.

What does a hospital for a new kind of thinking look like?

There are three principles guiding the design of the hospital complex: the building must be healthy, safe and functional. In addition to this, the architects wanted to challenge people’s ideas of what a hospital looks and feels like. The objective was to create a hospital that is also visually beautiful and welcoming.

Architect Mikko Sinervo from the Architect Group Reino Koivula is in charge of the visual appearance of the hospital. The starting point of the design was the story that Sinervo created together with Matti Tainio, who is responsible for the acquisition of art within the hospital project.

This story is based on a typical Finnish archipelago landscape, where the hospital represents an island and the busy motorway underneath represents flowing water. The engine room to be built on the roof of the hospital acts as a lighthouse that illuminates the surrounding landscape.

The story continues indoors and incorporates the animals of the island. The emblematic animals have a two-fold function: they give people something pleasant to think about and act as signposts. The building has two large light-filled foyers that are made from glass from floor to ceiling.

“Why does a hospital have to look like a hospital? T3 is revolutionising and breaking boundaries. The new facilities will also make art and culture possible in this space, i.e. the very things that make a place feel comfortable for both the employees and patients,” Aaltonen sums up.

Text: Heidi Penttinen
Photo: Architect Group Reino Koivula & Schauman Arkkitehdit