HGR, Ilmarinen and YIT have established a joint venture regarding real estate development activities in Keilaniemi

HGR Property Partners, Ilmarinen and YIT have established a limited partnership joint venture called Keilaniemen Kiinteistökehitys Strike Ky for the development of significant real estate projects in Keilaniemi. The development projects of Regenero, which is HGR’s and YIT’s joint venture, as well as part of Ilmarinen’s development projects in Keilaniemi have been transferred to the new joint venture. 

Construction of the joint venture’s first development, Keilaniemi district parking facility, began simultaneously with the establishment. The joint venture signed a turnkey contract with YIT regarding the construction of the parking facility’s first phase in August, consisting of approximately 1,600 parking spaces with expected completion in 2026. Keilaniemi district parking facility will serve the entire Keilaniemi area as well as the nearby developing Kivimies area.

“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,” says Ilkka Tomperi, EVP, Property Development at YIT.

”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,” comments Tomi Aimonen, Head of Domestic Real Estate Investments at Ilmarinen.

“HGR and YIT have previously shown their capabilities to develop successful real estate projects with high quality premises in the Keilaniemi area through their joint venture Regenero. 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,” remarks HGR Property Partners’ Chairman of the Board Kari Helin.

Advium Corporate Finance acted as the commercial advisor and Avance Attorneys acted as the legal advisor for the parties.

Further information

Kari Helin, Chairman of the Board, HGR Property Partners Oy
tel. +358 40 579 0570
kari.helin@hgrpp.fi

Tomi Aimonen, Head of Domestic Real Estate Investments, Ilmarinen Mutual Pension Insurance Company
tel. +358 50 366 7501
tomi.aimonen@ilmarinen.fi

HGR Property Partners is a Finnish real estate investment and development company founded in 2005, which owns a wide portfolio of real estate in collaboration with various partners. Our cooperative model is based on HGR taking responsibility for operational activities. We invest in properties located in the Helsinki Metropolitan Area that are centrally located near public transportation and have strong development potential. www.hgrpp.fi 

Ilmarinen’s task is to ensure that our customers receive the pension they earned from employment. We promote a better working life and thus help our customers succeed. In total, we are responsible for the pension cover of some 1,1 million people. We have investment assets of over EUR 58 billion to cover pension liabilities. The net worth of our real estate investments in Finland is EUR 4.3 billion. We also build sustainable buildings to be used as business premises and homes. www.ilmarinen.fi 

YIT is the largest Finnish and a significant North European development and construction company. For 110 years, we have been creating better living environments for our customers: functional homes for sustainable living, future-proof public and commercial buildings and infrastructure for smoother flow of people, businesses and society. We employ 5,500 professionals in nine countries: Finland, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2021 was EUR 2.7 billion. YIT Corporation’s share is listed on Nasdaq Helsinki Oy. www.yitgroup.com