JLL acted as SRV’s commercial advisor in the sale of 257 new apartments. The purchase price of the portfolio is EUR 82 million.
SRV has signed an agreement to sell a residential portfolio of three assets to a German investor. Each asset of the high-quality portfolio is located in the Helsinki region with excellent connectivity and transportation options. The assets are located in Etelä-Haaga in Helsinki, Saunalahti in Espoo, and Kerava city centre with almost 11,500 square metres of lettable area.
The construction of the assets will commence in the second half of 2021 with estimated completions by the end of 2023. The assets will be built with high technical and environmental standards, and each asset seeks to achieve an EPC rating of A.
SRV Construction Ltd, acted as the seller in the transaction, and is part of SRV Group which was established in 1987 and listed on the Helsinki Stock Exchange.
Tuomas Kokkila, Head of Transactions, SRV: thank you to the buyer and JLL teams for a professional and smooth transaction process. The transaction showcases well SRV’s current and future residential development pipeline; assets across desired submarkets where both tenant and investor demand are robust, and construction with aim to achieve the highest environmental standards.
Tero Uusitalo, Head of Capital Markets, JLL Finland: we are very proud and pleased to have the honour to act as SRV’s commercial advisor in the sale of this high-quality residential portfolio. The transaction is a great example of strong international investor demand for centrally located and high-quality residential assets. The transaction also demonstrates the growing demand for forward funding structures which reflects the investors’ growing risk appetite and the lack of high-quality residential investment opportunities.
JLL acted as SRV’s sole commercial advisor and Hannes Snellman acted as the legal advisor.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
SRV is a developer and innovator in the construction industry. SRV’s objective is a new lifecycle-wise reality where solutions related to construction ensure well-being, financial value and the benefit of users, residents and environment – for years and generations to come. The company’s genuine cooperation and enthusiasm for its work comes across in every encounter. Sustainability is reflected in all its activities.
SRV, established in 1987, is listed on the Helsinki Stock Exchange. It operates in growth centres in Finland and Russia. In 2020, the revenue totalled EUR 975.5 million. In addition to about 1,000 SRV employees, the group employs a network of around 4,200 subcontractors.