YIT’s and HGR Property Partners’ joint venture Regenero has concluded an agreement on the sale of three properties to an international investor. The agreement includes the Accountor Tower, Keilalampi and the Keilaniemenranta pavilions in Espoo, Finland. The parties have agreed that the value of the contract will not be published.
The individual transactions will take place in stages as the construction work progresses. The Accountor Tower is due to be completed and transferred to the new owner in December 2019. The completion of Keilalampi and the pavilions of Keilaniemenranta will take place towards the end of 2020, which is when the deal concerning them will be finalised.
“This is the first leg of our multipart project and we are very proud of it. We thank the local authority for the good cooperation and our main tenant Accountor for achieving such an outstanding project,” says HGR Property Partners’ CEO Kari Helin.
“With this Regenero project, Keilaniemenranta will undergo strong development, with a diverse urban environment arising around excellent public transport connections. In accordance with the principles of the circular economy, we have also renovated the existing building stock to meet the latest requirements,” says Juha Kostiainen, EVP, Urban Development at YIT.
Established in 2016, Regenero is a joint venture of YIT and HGR Property Partners that focuses on large-scale office property renovation projects in which both YIT and HGR can focus on their respective strengths. According to the operating model of the joint venture, YIT carries out the construction work in the project.