YIT’s and Ålandsbanken’s JV to sell its housing stock

Avance advises YIT’s and Ålandsbanken Residential Property fund’s joint venture ÅB Kodit Ky in the sale of its housing stock, consisting of 10 apartment buildings, to UK based M&G European Property Fund. In addition, Ålandsbanken Residential Property fund sells one apartment building to M&G European Property Fund. The portfolio comprises in total 630 apartments with a lettable area of approximately 28,000 square metres.

The total consideration is EUR 148.5 million, making the transaction one of the largest residential property deals in Finland in 2020.

ÅB Kodit Ky, which invests in rented accommodation, was established in September 2019. YIT’s shareholding of the joint investment is 40%, and Ålandsbanken’s shareholding is 60%.