Kojamo plc and SRV have signed a co-operation agreement on construction of 676 Lumo rental apartments in Kalasatama, Pasila, Munkkiniemi and Pitäjänmäki districts in Helsinki, and Perkkaa district in Espoo. The agreement covers a tower building to be located in Kalasatama and 5 other properties. The purchase price for all the properties is approximately EUR 197 million. The completion of individual projects within the agreement is subject to customary terms and conditions.

The building to be constructed in Kalasatama is a tower building next to the Redi shopping centre with 291 Lumo apartments to be completed. The other properties will comprise of 385 apartments to be completed. The construction of all properties will start in spring 2020, and 302 apartments will be completed during 2021 and 374 during 2022. The apartments are mainly studios and one bedroom apartments. The stabilised yield for the tower building and the net initial yield for other properties is approximately 4 per cent.

“We want to offer our tenants the best housing experience and develop better urban living. With its location, services and profile, the tower building in Kalasatama offers unique housing over the rooftops of Helsinki. All the properties under the agreement are located in excellent locations with good accessibility, and will support us in creating sustainable growth”, says Jani Nieminen, CEO at Kojamo.