BTA Baltic Insurance Co., a part of the Vienna Insurance Group, has agreed with the Finnish construction company and developer YIT to establish a joint venture and co-invest a total of €120 million ($tk million) in rental apartments in the Baltics.
The seed portfolio consisting of 500 apartments worth €65 million ($77 million) will be acquired by the joint venture as the first step in a forward funding deal, which are currently under construction and will be delivered during 2021-2023.
The international real estate consulting firm Newsec in the Baltics advised YIT in the transaction, which is the largest residential rental deal in the Baltic so far.
YIT’s share of investment in the joint venture will be 30 percent and BTA’s will be 70 percent. The joint venture intends to acquire future YIT’s residential development projects in pursuit of building up a portfolio of €120 million ($142 million)
According to Andrius Švolka, the head of transacti
