Toivo Group has signed an agreement on assuming developer responsibilities concerning an unfinished residential building project of a construction company that went bankrupt in east Helsinki. The project is about 15% complete and consists of dwellings in semi-detached houses and detached houses. Project will be executed according to class-A energy standards. It will be completed by 30 September 2024.
Lauri Rekola, head of Toivo's Real Estate Special Situations Unit is pleased to see the agreement concluded. "This agreement will ensure the delivery of the dwellings and homes that homebuyers have purchased. The project's technical and production solutions are quite clear-cut and suited to Toivo, which will make it a relatively simple process to take over the construction site."
Toivo's Real Estate Special Situations Unit was set up as a response to complications created by the challenging current circumstances of the construction industry. The principle behind the unit is to offer solutions to situations where an unfinished construction project is causing trouble for financiers, clients, homebuyers and other stakeholders.