Premico Residential Fund II (Premico Asuntorahasto II Ky), a fund managed by the property investment and development company Premico, has signed an agreement with YIT on the construction of 136 affordable rental apartments in the Helsinki metropolitan area and its surrounding municipalities. The deal involves a set of four projects, two of which have already started. Construction of the remaining two projects for which the parties have signed a preliminary agreement will begin in Q3/20.
Founded in 2019, Premico Residential Fund II aims to build approximately 1,700 new affordable rental apartments in Finnish growth centres by the end of 2023. The fund is an extension of the Premico Residential Fund (Premico Asuntorahasto Ky), which owns more than 900 new affordable rental apartments mainly in the Helsinki metropolitan area.
“We are very pleased with our long-term continued partnership with YIT. YIT is one of Premico’s most important partners, and collaboration between the two organisations is excellent”, says Premico CIO Samuel Tuomola.
The rent levels for the fund’s apartments are, depending on the location, two to five euros per square metre cheaper than corresponding non-subsidized rental apartments.
“The properties now agreed on are ideal for the fund’s strategy, which is to build affordable rental apartments where they are most needed. Our fund investors want to take corporate social responsibility and feel that the lack of reasonably priced rental housing is a major problem that prevents the movement of labour, amongst other things, and thus slows down the development of the economy”, says Tuomola.
Premico Group Oy
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