BTA and YIT agree on a rental housing development deal in the Baltics
Proceeding with implementation of its investment strategy in the Baltic real estate sector, BTA Baltic Insurance Company AAS (BTA) and YIT have agreed to establish a co-investment vehicle investing in rental apartments located in the Baltic countries.
The total investment capacity of the vehicle is EUR 120 million, which makes this the largest transaction in this sector up to date. In connection, YIT has agreed on the sale of five rental apartment buildings in Tallinn, Riga and Vilnius to the co-investment vehicle with a value of EUR 65 million. The parties aim to invest the remaining investment capacity to YIT’s projects in the Baltic countries during the coming three years.
Investment management and housing services of the new rental apartment buildings have been entrusted to an experienced partner – Estonian real estate investment management company Lumi Capital.
In Estonia, BTA was advised by Ellex team which was led by Partner Ermo Kosk and included Partners Martin Mäesalu and Martin Käerdi, Senior Associate Sandra Värk, Counsels Rain Raa and Jaanus Ikla, Associate Karin Tartu and Lawyer Miikael Tuus.
In Latvia, the team included Partner Ilga Gudrenika-Krebs, Associate Partner Maris Brizgo, Senior Associates Anete Dimitrovska and Inese Freivalde, and Associates Ineta Kanepe and Kristers Losans.
In Lithuania, the client was advised by Partner Dr. Olga Petroševičienė and Senior Associate Dominykas Užkurnys.
BTA Baltic Insurance Company is one of the leading insurance companies in the Baltics, offering the broadest range of non-life insurance services in Latvia, Lithuania and Estonia.
YIT is the largest Finnish and a significant North European urban developer and construction company that develops and builds apartments, business premises and entire areas.