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.

About BTA

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.

About YIT

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.

Linked Experts

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Anete Dimitrovska

Senior Associate / Latvia
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Dominykas Užkurnys

Dominykas Užkurnys

Senior Associate / Lithuania
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Ermo Kosk

Partner / Estonia
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Ilga Gudrenika-Krebs

Partner / Latvia
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Inese Freivalde

Senior Associate / Latvia
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Ineta Kaņepe

Associate / Latvia
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Jaanus Ikla

Counsel / Estonia
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Karin Tartu

Associate / Estonia
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Kristers Toms Losāns

Associate / Latvia
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Māris Brizgo

Associate Partner / Latvia
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Martin Käerdi, Dr. iur.

Partner / Estonia
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Martin Mäesalu

Partner / Estonia
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Miikael Tuus

Lawyer / Estonia
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Olga Petroševičienė, Dr.

Partner / Lithuania
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Rain Raa

Counsel / Estonia
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Sandra Värk

Senior Associate / Estonia