YIT and Hartela to Construct Service Centre in Helsinki

Finland Finland The construction of the property project for local service centre Hertsi located in Herttoniemi, Helsinki, developed by YIT and Hartela, will start in January 2018. YIT and Hartela will realise the project as a consortium with equal 50/50 shares.

2018-01-03

Share via e-mail

Hertsi. Image: YIT
Hertsi.

The investors of local service centre Hertsi’s new construction create an investor consortium consisting of Aktia Life Insurance Ltd, Fennia Life Insurance Company Ltd and Yleisradion Eläkesäätiö.
 
“In joint investing, we can share our competence and the risk together with our partners and utilise different effective funding models. Fennia Asset Management Ltd is happy to be involved in structuring, funding and administrating this excellent service and commercial centre to be constructed,” says Timo Rantala, Director, Real Estate at Fennia Asset Management Ltd.

“This new expanding local service centre by excellent transport connections in such a central location is an excellent investment in our portfolio. The area is developing strongly, and the services provided by the Hertsi tenants complement each other,” says Jukka Sjösten, Head of Investments at Aktia Life Insurance Ltd.

Hertsi is a significant hybrid project that will feature premises of service living in addition to retail sales and services. YIT and Hartela will also construct their own, separate residential buildings in the same block. The construction work of the project will begin in January 2018 with the renovation work in the Megahertsi shopping centre, and the work will continue soon with new construction. Local service centre Hertsi will open in spring 2020. The Hertsi block will be completed by summer 2021.
 
“YIT and Hartela have had property ownership in the same block for already 15 years. By developing the project together and as a result of a successful investor solution, we can now start the construction work of local service centre Hertsi,” says Heikki K. Hannukkala, Project Manager at YIT.
 




Maria Olsson Äärlaht
maria@nordicpropertynews.com




Why the Finnish Transaction Volume is Decreasing

Finland Finland Finland continues to be smoking hot on the real estate market. Despite this, the transaction volume has decreased by 48 percent compared to the first half of 2017. Mikael Söderlundh, Head of Research at Pangea Property Partners, tells Nordic Property News why the numbers are decreasing despite a continuously attractive market.


Technopolis Invests EUR 25M in Campus Expansion in Oulu

Finland Finland Technopolis has decided on a EUR 25M investment to expand its CBD campus in Oulu. Construction work is scheduled to start in July 2018, after receiving a building permit. The project is due for completion in March 2020. 

JM Acquires Property in Espoo

Finland Finland JM is acquiring a centrally located school property in Leppävaara, Espoo, in the Greater Helsinki area. The property’s detailed plan has gained final approval for 850 apartments.

”Our Ambition is to Become One of the Major Property Owners in Helsinki”

Finland Finland Castellum, one of Sweden’s largest listed real estate companies, makes their entrance into the Finnish market with a EUR 81M acquisition from Skandia. Henrik Saxborn, CEO of Castellum, tells Nordic Property News of the strategy to grow in more Nordic markets, how much they are looking to invest in Finland and why he believes a player like Castellum is missing in Helsinki.

Skanska Constructs Metro Station for EUR 51M

Finland Finland Skanska has signed a contract with Länsimetro Oy to build a metro station in Kivenlahti. The contract is worth EUR 51 M.


Peab Builds High-rise in Esbo

Finland Finland Peab has been commissioned to build a high-rise in the city of Esbo. The customer is the state-owned rental company A-Kruunu and the contract is worth EUR 15M.

Why Cromwell Choses Finland over Sweden

Finland Finland After purchasing the Omega portfolio together in 2017, Cromwell and Goldman Sachs continue to do business together in Finland. They now purchase 27 properties from IVG Polar for EUR 108.5 million. Tomas Beck, Head of Nordics at Cromwell, tells Nordic Property News about the significance of the acquisition, the hunt for more investments in Finland and why he currently has a hard time seeing Sweden as an attractive investment alternative.

Castellum Enters Finland with EUR 81M Acquisition

Finland Finland Castellum has acquired a substantial property in central Helsinki from Skandia, thereby establishing itself as a major player in a new attractive market.

Nordisk Renting in Office Investment in Vasa

Finland Finland Nordisk Renting and Wärtsilä Finland Oy has signed a lease regarding an office complex in Vasa constructed by Oy Vaasa Parks Ab.

YIT to Construct New Hotel in Turku

Finland Finland YIT, Rausanne Oy and Turun Osuuskauppa (S Group, Turku Cooperative Society) together have agreed to construct a new hotel in Kupittaa, Turku. The value of the transaction is approximately EUR 30M. The project will be entered in the order backlog for the second quarter of the year.