A residential property fund S-Bank Housing non-UCITS Fund, managed by S-Bank Fund Management Ltd, has sold a residential development property to SRV Rakennus Oy.
News release
20 December 2024
JLL advises S-Bank in the sale of a residential development property in Espoo
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The property locates in Niittykumpu, Espoo, near the subway station and excellent daily services. The development property enables a construction of non-subsidized residential asset of some 4,000 sq m of leasable area.
Juho Santaharju, Fund manager, S-Bank: “We are pleased with the transaction and would like to thank SRV for the seamless cooperation under challenging market conditions, as well as JLL for their outstanding project management.”
Jorma Seppä, Senior Vice President, Housing in the Helsinki Metropolitan area, SRV: “SRV's goal is to increase the share of housing construction in turnover to the level of 30-40%, and the completed transaction is yet another step towards the goal of increasing housing construction according to our strategy. SRV has been strongly developing the Niittykumpu residential area. We currently have Niittykummun Neuvokas in pre-marketing in Niittykumpu, and we are also currently building 128 residential units for Varma in the same block.”
Olli Peltomäki, Director, JLL Finland: "We are pleased to have successfully advised S-Bank in this sale. The residential development market, especially the non-subsidized residential segment, has been struggling the past few years, resulting in a small number of development property transactions and consequent construction starts. This transaction is yet another indication of new development picking up the pace, one project at a time.”
JLL acted as S-Bank’s sole commercial advisor in the transaction. Valu Partners Attorneys acted as the seller’s legal advisor.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.