YIT, a Finnish construction and development company, is expanding its reach in Central and Eastern Europe (CEE) by establishing a joint venture (JV) with Czech investor group RSJ Investments.
This strategic move will see the development of a significant residential project in the Židenice area of Brno, the Czech Republic’s second-largest city.
The JV has acquired a plot of land in a location next to Brno’s city centre. Approximately 750 apartments will be constructed over seven phases, with three phases already granted building permits.
The first apartment building’s construction is expected to begin in 2025, with the entire project expected to conclude by mid-2031.
These apartments together have an estimated market value of more than €200m ($215m).
The new residential area is positioned atop a hill, offering residents city views. The development is also in proximity to healthcare services, parks, and public transport connections, enhancing the living experience.
YIT and RSJ Investments each hold a 50% stake in the newly formed JV. The transaction’s value remains undisclosed.
This collaboration marks YIT’s continued growth in line with its strategy to strengthen its presence in the CEE countries.
Earlier this month, YIT entered into an agreement with TA-Yhtymä for the construction of Asunto Oy Espoon Kipsimestari in Espoo, Finland.
This project, valued at approximately €12m, will see the creation of 48 apartments in the Kera district, funded by the Housing Finance and Development Centre of Finland.
RSJ Investments board member Lukáš Musil said: “The area on the border of Židenice and Vinohrady, where the apartments will be located, is one of the best in Brno. It offers beautiful views, surrounding greenery, good amenities, and excellent access to the city centre.
“We are entering this project with our longstanding partner YIT, who brings extensive experience and strong expertise in the field.”
YIT CEE and Baltics division head Tom Sandvik said: “We have long been exploring the possibilities of Brno and now we have a great opportunity to expand YIT’s business also in the second-largest city in the Czech Republic.”
“YIT establishes JV with Czech investor group RSJ Investments” was originally created and published by World Construction Network, a GlobalData owned brand.
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Publish date : 2024-11-13 07:47:00
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