YIT and Hartela to Construct Service Centre in Helsinki
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.
“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