JLL acts as debt and financial advisor in the EUR 65m green development loan facility to finance Lyyra project
Ylva’s majority owned and managed Helsingin Lyyra Ky has signed in total of 65 million euro green development financing agreement for the Lyyra project development in Helsinki, Hakaniemi. Lenders in the loan facility are NIB and Nordea. JLL was financial and debt advisor for Ylva in the transaction.
Image: Ylva / Cederqvist & Jäntti Architects
Helsingin Lyyra Ky, which is developing the Lyyra project, is a joint venture between Ylva and Varma. The project is completed in phases during 2023. After completion the development properties will include hotel, offices, restaurants and apartments. Overall, the leaseable area is 18,400 square meters.
“In July 2021, we established a new joint venture together with Varma, one of Finland’s largest pension insurance companies. The loan signed today continues to strengthen the Lyyra project's position as the most significant new destination in Helsinki's eastern city center. We are pleased that NIB and Nordea share our values and believe in our mission to develop and build a more sustainable Helsinki for all its citizens,” summarises Ylva’s CEO Leea Tolvas.
The Lyyra building complex aims to achieve LEED Platinum certificate which is the highest level of internationally recognized certification system. All buildings are all also targeting an A level energy performance certificate which is the highest possible according to the Finnish Ministry of Environment classification.
In addition to sustainability aspects, social responsibility matters are considered in the project. In 2019, Lyyra was selected as one of the pilot projects to join the OECD’s B4IG (Business 4 Inclusive Growth) incubator and network. Ylva is the only Finnish company in the international network of 35 companies that are pioneering in creating a more responsible market economy.
”When completed, Lyyra will revitalize its surroundings in Hakaniemi, and offer new services and lively public space for the citizens of Helsinki. The interest towards the project has been tremendous: the most recent new tenant agreement was signed last week. It is gratifying that the financiers put their trust on developments with ambitious sustainability targets and encourage the whole industry to update their practices towards ESG-compliant criteria. Many thanks to our Senior Analyst Ville Mourujärvi, who played a very important role in the negotiations,” says Ylva’s Real Estate Director Ville Vaarala.
The loan agreement signed with Nordic Investment Bank (NIB) and Nordea has seven years maturity and includes development phase as well as time after the completion.
JLL acted as debt and financial advisor for Ylva and Helsingin Lyyra Ky in the financing arrangement.
”It was a great pleasure to assist Ylva to acquire financing for the project with such an unique sustainability targets. Special thanks belong to Ylva’s team for their trust and for the excellent co-operation during the transaction. While Covid-19 is still impacting the market, it is a great achievement to secure such a notable financing for a mixed-use property project like Lyyra”, comments Eemeli Lehto, Head of Debt and Financial Advisory at JLL Finland.
Contact: Eemeli Lehto, Head of Debt and Financial Advisory, JLL Finland
Phone: +358 50 324 5919
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 in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Ylva aims to construct the Helsinki of the future. Our business operations focus on real estate and restaurant businesses. Ylva is owned by the Student Union of the University of Helsinki. For 150 years already, we have been building a city for the people of Helsinki where ideas come together. For us, profitability means long-term decisions that will make the following 150 years possible. Our unique background requires us to be pioneers in terms of openness and sustainability and to commit to the development of Helsinki. www.ylva.fi/en