Regenero, a joint venture formed by YIT and HGR Property Partners, has acquired properties in Keilaniemi, Espoo for a development project. The acquired entity comprises Fortum’s current headquarters, which the company will vacate. The purchase price totals approximately €74m. The entity comprises Finland’s most well-known high-rise building and the Keilalampi office building as well as unused residential building right.
Regenero’s target is to develop the entire Keilaniemi area. Following the acquisition of the properties, Regenero will be able to create sustainable mix-used urban environment near excellent public transportation connections that are further developing due to the Western metro line.
“The transaction demonstrates the strong operational capability of YIT’s and HGR’s joint venture”, says Juha Kostiainen, Senior Vice President for Sustainable Urban Development at YIT and Chairman of the Board at Regenero.
“We are pleased to have reached this point in the project. The new owner can now start the work to develop the iconic high-rise and the surrounding area,” notes Risto Penttinen, Senior Vice President, Strategy, People and Performance, Fortum.
Regenero, founded in 2016, focuses on developing sizeable combined apartment, commercial and business premises projects in the Helsinki Metropolitan Area. The projects to be implemented are of considerable size and situated in key locations close to good transport connections.
