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United Bankers Plc
PRESS RELEASE 26 February 2026 at 15.00 EET
United Bankers' UB Timberland Fund sold a plot of land in Vaala to Google
United Bankers' UB Timberland Fund (AIF), which invests in Finnish forest properties, has sold a total of 327 hectares of land to technology company Google. The sale is part of a larger deal in which Google acquired a total of approximately 900 hectares of land in the municipality of Vaala for the possible construction of a data center.
Kari Kangas, Director of Forest Investments at United Bankers, describes the ongoing energy transition and the demand for green electricity from a forest investor's point of view: "Although all forest properties in United Bankers’ forest funds were originally acquired for forestry purposes, renewable energy projects and data center developments now represent new potential revenue streams for investors."
Forest properties have become a key part of the renewable energy infrastructure. For data center operators, critical factor in location decisions is the availability of sufficient green electricity. " This was the first land sale from the UB Timberland Fund for a data center project. In addition, an energy park project is underway on a forest property owned by the fund in Hyrynsalmi, in collaboration with our renewable energy fund. The forest properties held by our funds are mostly located in lightly populated areas, so many development projects also have a social dimension. Renewable energy production and data centers bring employment and economic well-being to these regions," Kangas points out.
The area to be designated for Vaala municipality’s data center project is located approximately six kilometers from the center of Vaala, near Fingrid’s Nuojua substation. Data centers and other related activities are planned for the general plan area. The objective of the general plan is also to enable other land use, particularly business and commercial activities.
According to Vaala’s municipal manager, Minna Kärkkäinen, the project has been prepared in close collaboration with Google: “Our cooperation with Google has been extremely smooth, and we warmly welcome Google to Vaala. A potential data center site could be significant for both the municipality and the wider region, creating numerous jobs in Vaala during the construction phase and providing long-term employment later on. We are working hard to ensure that the plans progress to the next stages on schedule.”
At the end of December 2025, United Bankers announced a project by its UB Renewable Energy Fund, revealing plans to develop energy parks in Vaala’s Paatinkangas and Hyrynsalmi’s Metsä-Juntula areas. The parks are planned to feature a hybrid production setup combining wind power, solar power, and energy storage, supporting the operation of data centers and helping balance the electricity grid.
Further information:
Kari Kangas, Director, Forest Investments, UB Asset Management Ltd
Email: kari.kangas@unitedbankers.fi
Phone: +358 400 903 133
John Ojanperä, CEO, United Bankers Plc
Email: john.ojanpera@unitedbankers.fi
Phone: +358 40 842 3472, +358 9 25 380 356
Investor Relations: ir@unitedbankers.fi
United Bankers in brief:
United Bankers Plc is a Finnish expert on asset management and investment markets, established in 1986. United Bankers Group’s business segments include asset and wealth management and capital markets services. In asset and wealth management, the Group specialises in real asset investments. United Bankers Plc is majority-owned by its key personnel, and the Group employs 165 employees (FTE) and 26 tied agents (31 December 2025). In 2025, the United Bankers Group’s revenue totalled EUR 57.1 million, and its adjusted operating profit amounted to EUR 16.7 million. The Group’s assets under management amount to approximately EUR 5.2 billion (31 December 2025). United Bankers Plc’s shares are listed on Nasdaq Helsinki Ltd. The Group companies are subject to the Finnish Financial Supervisory Authority’s supervision. For further information on United Bankers Group, please visit unitedbankers.fi.
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