HELSINKI, MARCH 2, 2020 /PRNewswire/ -- 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.
Kojamo's strategy is to invest heavily in increasing housing supply in the Finland's growth centres, where the demand for rental apartments in on the rise due to urbanisation and increased popularity of rental housing.
For more information, please contact
Ville Raitio, Kojamo plc, Chief Investment Officer, tel. +358-20-508-3012
Distribution
Nasdaq Helsinki, Key media
Kojamo is Finland's largest private residential real estate company and a frontrunner in the housing business. Our mission is to create better urban housing. The Lumo brand provides environmental-friendly housing and services in Finland's biggest growth centres. We actively develop the value of our investment properties by developing new properties and our existing property portfolio. We want to be the property market frontrunner and the number one choice for our customers. Kojamo's shares are listed on the official list of Nasdaq Helsinki. For more information, please visit kojamo.fi/en/
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