Construction of the joint venture’s first development, Keilaniemi district parking facility, began simultaneously with the establishment. The joint venture signed a turnkey contract with YIT regarding the construction of the parking facility’s first phase in August, consisting of approximately 1,600 parking spaces with expected completion in 2026. Keilaniemi district parking facility will serve the entire Keilaniemi area as well as the nearby developing Kivimies area. 

“The joint venture supports the execution of YIT’s new strategy. In addition to our investment, YIT will function as the turnkey contractor in the development projects. We are excited to begin the construction of Keilaniemi district parking facility’s first phase in August,” says Ilkka Tomperi, EVP, Property Development at YIT.

”The Keilaniemi submarket in Espoo is one of the central areas Ilmarinen has chosen to allocate domestic real estate investments. Through the joint venture, Ilmarinen has a more significant role in the development of Keilaniemi and has access to profitable large-scale investments in the early stages of development projects. Ilmarinen brings its expertise as a sustainable developer and long-term investor to the joint venture,” comments Tomi Aimonen, Head of Domestic Real Estate Investments at Ilmarinen.

“HGR and YIT have previously shown their capabilities to develop successful real estate projects with high quality premises in the Keilaniemi area through their joint venture Regenero. Ilmarinen, as a long-term institutional investor in Keilaniemi, will bring its own expertise in sustainable development to the joint venture, further improving the conditions for successful real estate projects in the Keilaniemi area for years to come,” remarks HGR Property Partners’ Chairman of the Board Kari Helin. 

Advium Corporate Finance acted as the commercial advisor and Avance Attorneys acted as the legal advisor for the parties.