JLL advises S-Bank on long-term lease with a purchase option of a residential plot
A plot fund FIM Tonttirahasto I Ky, managed by S-Bank Fund Management Ltd has signed a long-term land lease agreement with a purchase option.
The tenant is a limited liability housing company owned by JM Suomi Oy. The plot locates in Finnoo, Espoo, next to the Finnoo subway station.
The plot has a valid local detailed plan enabling development of non-subsidized residential apartments.
Ville Vääränen, Fund manager, S-Bank:
“We are pleased that JM Suomi Oy was chosen as our partner in relation to this asset, and that a modern, energy-efficient residential building will be constructed on the plot."
Olli Peltomäki, Director, JLL Finland:
"We are delighted to have successfully advised S-Pankki in this land lease project. The residential development market, especially the non-subsidized residential segment, has been struggling the past few years resulting to a small number of new plot leases and transactions. However, we are starting to see positive indications of new construction commencing. This land lease is one of those indications.”
JLL acted as S-Bank’s sole commercial advisor in the transaction. DLA Piper acted as the seller’s legal advisor.
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