Finnish pension insurance company Ilmarinen has partnered with local real estate manager HGR Property Partners and developer YIT to develop projects in the south-eastern part of Espoo.

The trio have created the Keilaniemen Kiinteistökehitys Strike joint venture to develop real estate projects in Keilaniemi.

The companies said the new venture has been seeded with development projects of Regenero, which is HGR’s and YIT’s joint venture, as well as part of Ilmarinen’s development projects in Keilaniemi.

The companies added that the venture’s first development, Keilaniemi district parking facility, has also commenced.

Tomi Aimonen, the head of domestic real estate investments at Ilmarinen, said 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.”

Ilkka Tomperi, property development EVP at YIT, said 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.”

Kari Helin, chairman of the board at HGR Property Partners, said HGR and YIT have previously shown their capabilities to develop successful real estate projects with high-quality premises in the Keilaniemi area through their Regenero joint venture.

Helin said: 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.”

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