Bonava is selling and starting production of a project comprising 99 rental state-subsidised apartments in Turku, Finland, to the property company TA-Asumisoikeus Oy. The purchase consideration amounts to c. €20m and the project will generate a positive cash flow from the very start. Meanwhile, Bonava is starting production of an additional 150 housing units in the Baltics and Sweden. The starts will be reported as production-started units in the fourth quarter of 2024.
“Market conditions in Finland remain challenging, which is why we are especially pleased to present this investor transaction. The new neighbourhood will be constructed in one of Finland’s largest residential development districts, Kirstinpuisto, Turku, where we have previously built several projects and are very familiar with local conditions,” said Peter Wallin, President and CEO, Bonava.
TA-Asumisoikeus Oy, part of the TA-Yhtyma Group, is involved in a non-profit residential development project in Turku, Finland. The project, financed through a rolling payment plan, aims to construct 1,400 housing units in Kirstinpuisto by the first quarter of 2026.
The area focuses on sustainable development, public spaces, and green areas, with an emphasis on sustainable groundwater management. Additionally, Bonava has initiated the production of housing units in Latvia, Estonia, and Sweden after the success of previous projects.
The starts will be reported as started units in production in the fourth quarter 2024.
Image source - Cision.
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