YIT sells assisted living facilities for the elderly in Hyrylä, Finland to eQ Care Fund
YIT has signed an agreement with Finnreit Fund Management Company Ltd on the sale of the assisted living facilities located on Rykmenttitie in Hyrylä, Tuusula, Finland to the eQ Care (non-UCITS fund). The value of the agreement is approximately EUR 6.2 million. Palvelukoti Joenranta Oy is the tenant of the building, which was completed in January 2013. The floor area of the building is 3,600 square metres and has places for 47 residents. The seller’s advisor in the transaction was Aventum Real Estate Ltd.
”We are very satisfied with the purchase of our first property in the Greater Helsinki Area by our care properties fund. It is important to us that our fund invests into first class properties, and we have also noted during our acquisition process that the employees at Valmennuskoti Rykmentti are skilled professionals and dedicated to their care work,” says Amos Janhunen, CEO of Finnreit Fund Management Company Ltd, the company managing eQ Care.
The building’s facilities, which features barracks architecture from the 1960s, have been renovated into fully modern assisted living facilities with offices, kitchens and premises for daily activities. The site is a good example of how old barracks can be put back into use with reasonable renovation solutions that preserve the old yet meet the functional and technical needs of today’s users.
“The old NCO school was given a new lease of life. YIT renovated very functional, well-lit and cosy premises for us. Cooperation with YIT was easy and comfortable, and it resulted in a new home for the satisfied residents of Valmennuskoti Rykmentti,” says Erja Luotomaa, Managing Director of Palvelukoti Joenranta.
YIT has several care-related projects in the Uusimaa region. Another assisted living facility converted from a barracks building will be completed in Hyrylä in the autumn, and a new care home is under construction in Kerava. The aim is to launch several care projects in the Greater Helsinki Area by the end of the year.
“Good planning and all-round competence makes it possible to develop old buildings into functional premises that are as good as new. This is also in line with sustainable development,” says Jarkko Koivisto, Project Development Director at YIT.
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Jarkko Koivisto, Project Development Director, YIT Construction Ltd, tel. +358 40 557 6829, email@example.com
Amos Janhunen, CEO, Finnreit Fund Management Company Ltd, tel. +358 40 709 2836, firstname.lastname@example.org
YIT is an established European service company in building systems and construction as well as in industrial sectors. More than 25,000 of our professionals serve clients in 14 countries in the Nordic countries, Central Europe, Russia and the Baltic countries. We have grown over the last hundred years with our clients and developed our services as the communities surrounding us have changed. We intend to continue following the same path. Our vision is to be a pioneer in creating and sustaining a healthy living environment. YIT’s net sales amounted to approximately to EUR 4.7 billion in 2012. YIT's share is listed on Nasdaq OMX Helsinki. www.yitgroup.com
eQ Care (non-UCITS Fund) is the first Finnish investment fund to invest its assets in Finnish properties within the care sector. The fund is managed by Finnreit Fund Management Company Ltd, the only fund company in Finland which is specialised solely in real estate investments. Finnreit Fund Management Company Ltd is jointly owned by the management of the company and eQ Asset Management Ltd. We are a trailblazer in fund investments. We offer fund investors solid cash flow, an easy way to invest directly into real estate and provide new capital to the property market. In all these areas, we want to be the best player in the market.