FinCap Ltd has made an administrative services deal with FinCap Asunnot Ltd with regard to a rental housing portfolio. FinCap Asunnot Ltd is a joint venture founded by YIT and a group of investors, which invests in housing built by YIT in Finland. The joint venture is owned by YIT, a group of Finnish private investment companies, Oma Säästöpankki and LocalTapiola South Ostrobothnia. At the same time, YIT sells to the joint venture a total of nearly 600 dwellings, which are either completed or in the final stages of construction. The apartments are located in different parts of Finland. The total value of apartments sold is over EUR 100 million.
FinCap Ltd is responsible for rental management and reporting for joint venture. FinCap Ltd’s subsidiary, a real estate brokerage company Suomen Kotijoukkue is mainly responsible for renting the apartments and FinCap Real Estate Asset Management for rental management. FinCap Ltd is not an investor in FinCap Asunnot Ltd, while the main significance for FinCap Ltd is a creation of a new business model with Finland’s leading construction company. “The residential market in Finland has been very active in the last couple of years and the production volume has been record high. As the number of completed dwellings has increased, innovative business models and comprehensive solutions to manage and fully utilize the property stock are needed. And this is where FinCap’s complete property value chain management brings significant added value to the equation”, states Janne Kotamäki, CEO of FinCap. “We believe that similar arrangements will continue to be seen in the market,” continues Kotamäki.
FinCap Group is a privately held property company founded in 2009, and has three core business lines: Real Estate Development, Funds and Asset Management. The real estate agency Suomen Kotijoukkue is also a subsidiary of FinCap. The Group’s turnover was approximately EUR 13 million in 2018.
For more information:
Raoul Konnos, FinCap Real Estate Funds Ltd, tel. +358 40 5155 893
Antti Toivainen, FinCap Asunnot Ltd, tel. +358 50 408 5852