Sale of Tietotie 6 signed

YIT, HGR Property Partners and their joint venture Regenero have sold the Tietotie 6 property in Otaniemi, Espoo to Special Investment Fund eQ Care (AIF). The leasable area of the property is approximately 26,000 square metres. The parties have agreed not to disclose the purchase price. CBRE acted as the sellers’ commercial advisor and Avance Attorneys Ltd. as the legal advisor. 

“The Tietotie project exemplifies two of YIT’s strategic priorities: urban development together with partners and non-cyclical businesses represented by renovation services. The entire project is strong proof of the operating capacity of YIT and HGR as well as our joint venture Regenero. We are happy with the investor demand towards this project and with eQ Care as an owner with a long-term perspective,” says Esa Neuvonen, EVP, Business Premises segment and Partnership Properties segment at YIT.  

Tietotie 6 is fully let with long-term lease agreements to different units of the City of Espoo. YIT is currently renovating the property into modern working premises and for school use. The offices will be completed in stages in late 2018 and the school will open its doors on Tietotie 6 in autumn 2019. The premises have been planned in co-operation with the City of Espoo. 

 “We are delighted with the good cooperation with the City of Espoo. This project is a great example of solid cooperation between different offices, and as a result we have a versatile building offering activities also to citizens in the future. We are enthusiastically looking forward to the opening of the school in the new, comfortable premises,” says Kari Helin, CEO and Managing Partner at HGR Property Partners. 

“The fundamental of eQ Care is long term property ownership, which allows us to offer our tenants stable and sustainable cooperation in healthy, safe and functional premises. This property is a perfect match for the fund and complement our educational property portfolio, which focuses in the Helsinki metropolitan area. Regenero has, together with the City of Espoo, developed an excellent property and we are happy to be able to support the society also through this property,” says Jennifer Eloheimo, Investment Director at eQ Care.

For further information, please contact: 

Kari Helin, CEO and Managing Partner, HGR Property Partners, tel. +358 40 579 0570, kari.helin@hgrpp.fi  

Esa Neuvonen, EVP, Business Premises segment and Partnership Properties segment, YIT Corporation, tel. +358 40 500 1003, esa.neuvonen@yit.fi

Jennifer Eloheimo, Investment Director, eQ Care, tel. +358 50 547 3660, jennifer.eloheimo@eq.fi

Regenero is a joint venture formed by construction company YIT and property development company HGR Property Partners. The joint venture was established in 2016 to deepen the previous cooperation between the companies. Regenero’s development projects target the key locations of urban life, aim to raise the profile of the area and are implemented utilising the long-term experience and professional skills of the joint venture. The projects are of significant scale and may include different types of premises, such as offices and business premises as well as public sector facilities. http://www.regenero.fi 

eQ Care is a Finnish non-UCITS fund, which invests in care and communal properties. The fund owns elderly care homes, educational properties, hospitals and health service properties, daycare centres, service homes for disabled and mental health care patients as well as other care and communal properties in Finland. Our investors are Finnish institutions, foundations and private persons. The value of the assets as of 30 September 2018 was EUR 873 million, which was invested into 180 different properties. eQ Care is Finland’s leading care property owner.