YIT continues co-operation with YCE Housing I fund
YIT has sold housing projects in Bratislava, Slovakia and Vilnius, Lithuania to YCE Housing I fund which is managed by Vicus Capital Advisors Limited. The value of the projects in total is approximately EUR 25 million, and the sales are recorded in the third quarter of the year.
The project in Bratislava is the fifth phase of the Tammi Dúbravka project,
and it will comprise of around 130 apartments. The construction of the
phase will start in autumn 2017 and it is expected to be completed in
spring 2019. The project is located in a desired area close to good
supply of services. The project in Vilnius is a new project named Raitininku
consisting of two phases of which the first one is sold to the fund.
The project comprises of over 100 apartments located close to the Neris river in an area with good services and transportation connections. The construction of the project will be started during summer 2017 and it is expected to be completed by the end of 2018.
YCE Housing I fund invests in housing development projects in the CEE countries
The investors in the YCE Housing I fund are YIT (40%), Etera (30%)
and a group of Finnish private investment companies. The fund's equity
is approximately EUR 37 million and it is managed by Vicus Capital
Advisors Limited, a company with long experience of real estate
investment and development activities in Eastern Europe and Russia.
During the next years, the fund is expected to carry out over ten projects and approximately one thousand apartments to be sold primarily to private buyers.
Read YIT's press release here.