Avara and Lehto Signs Deal for Housing

Finland Finland Avara and Lehto Asunnot Oy have signed a framework agreement concerning a housing portfolio which includes construction of 340 apartments in five cities around Finland. Avara acquires portfolio for Avara Asuinkiinteistörahasto I Ky -PE fund.

2018-06-11

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The units are located at Kalasatama in Helsinki and in Kirkkonummi, Hämeenlinna, Kuopio and Oulu. The transaction price is more than EUR 53M. Some of the units are already under construction and most of the units will be completed during 2019 and 2020.
 
”This portfolio includes excellent new construction in good locations. We are working with lehto to build high-quality housing in cities with good residential investment potential,” says Mika Savolainen, CEO of Avara Oy.
 
”It is exceptional to sell such a large number of units to one fund at one time,” says Hannu Lehto, CEO of the Lehto Group.
 
The financing for the construction will be arranged by Avara using both equity and loan. Lehto will build the units and sell them to the fund after completion and when other agreed requirements are met.




Maria Olsson Äärlaht
maria@nordicpropertynews.com




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