Finnish construction group YIT has sold five rental housing projects to Icecapital Housing Fund II for EUR 36.6 mln. The projects contain 296 apartments in all and are located in different parts of Finland - Nurmijärvi, Mäntsälä, Lahti, Jyväskylä and Kuopio. Building work has commenced and the projects will be completed in stages by summer 2011. YIT said the projects have been financed with interest subsidy loans for a period of 10 years.
Finnish construction group YIT has sold five rental housing projects to Icecapital Housing Fund II for EUR 36.6 mln. The projects contain 296 apartments in all and are located in different parts of Finland - Nurmijärvi, Mäntsälä, Lahti, Jyväskylä and Kuopio. Building work has commenced and the projects will be completed in stages by summer 2011. YIT said the projects have been financed with interest subsidy loans for a period of 10 years.
The transaction is based on a preliminary agreement made in November 2008 when YIT and Icecapital agreed on the building of 708 new, privately financed rental apartments in Finland. The combined sales price of the projects falling under the preliminary agreement is approximately EUR 105 mln. 'Demand for rental apartments is constantly growing in the largest cities and their surroundings,’ said Hannu Parikka, managing director of Icecapital Real Estate AM II.
