Toivo Group Plc has signed an agreement to acquire an unfinished residential building project of a construction company that went bankrupt in Jarvenpaa. The project is about 25% complete and consists of apartments in four terraced houses. The project will be completed in early 2025. The property consists of a total of 15 family apartments that will be put up for rent upon completion.
Lauri Rekola, head of Toivo's Real Estate Special Situations Unit, is pleased about the signing of the agreement. "In terms of the size distribution and number of the apartments this project is a very good fit with the local rental housing market and the production is at a stage that makes it easy to continue."
Toivo's Real Estate Special Situations Unit was set up as a response to complications created by the current challenging circumstances of the construction industry. The principle behind the unit is to offer solutions to situations where an unfinished construction project is causing trouble for financiers, clients, homebuyers and other stakeholders. The unit has previously signed two project agreements, and it has several projects under negotiation and investigation in the Helsinki metropolitan area.
Image source- Pexels.
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