The first rental homes with a professional administration service, the Lumi Kodud houses have now been formally opened. Today, LHV pension funds and Lumi Capital, active in real estate investments management, opened the doors to rental homes with a unique concept.
Lumi Kodud homes located in the Manufaktuuri residential quarter hold 127 apartments with one, two and three rooms, with integrated kitchens, furnished bathrooms and a washing machine. Each resident is free to create their own home, designing and furnishing the apartment however they please. The building complex also includes a parking building, basketball court, Ping-Pong table, playground and spacious courtyard with an apple garden.
“At this time, we have already leased 75% of the first house. There is great interest in our apartments because there are no other similar rental homes with a full administration service available on the market,” Hannes Tall, business manager of Lumi Capital rental houses says. “The deciding factor for our lessees is the focus on the clients of Lumi Kodud and the consideration of the lessee’s wishes,” Tall added. “If a person wants to have a cat or dog, we do not stand in their way, similarly, if they need help hanging a picture on the wall, we are there to help,” the business manager says, listing the advantages of Lumi Kodud.
“Lumi Capital will continue seeking investments in apartment buildings all over Tallinn with the aim of creating new buildings for rental apartments as the respective demand is high. In cooperation with LHV Pension Funds, we are planning to increase the portfolio of apartment buildings to 500 apartments,” said Mr Rekor.
“We believe that the model of renting real estate from a professional developer, which is widespread in Scandinavia, is starting to expand here in Estonia, too,” Kristo Oidermaa, head of LHV pension funds says. “For example, the two largest Finnish pension funds own nearly 6 700 rental apartments and the LHV pension funds also see great opportunities on the Tallinn rental market. Together with Lumi Capital we have created all prerequisites for the houses owned by pension funds to be the first choice for anyone looking for rental premises, and as we can see, the interest in the first two houses confirms this,” Oidermaa adds.
LHV pension funds is the sole owner of Lumi Kodud rental houses. Lumi Kodud is managed by Lumi Capital, who has extensive experience in managing large-scale apartment buildings and developing high-quality apartments. From the lessee’s perspective, a weighty advantage is definitely that they can rent their home for as long as they need. Every resident can design their own home by furnishing it to their personal taste.
Lumi Capital OÜ is a real estate investment management company whose clients are private investors, pension funds from Estonia and foreign property investors.
The pension funds of AS LHV Varahaldus have approximately 170,000 clients. LHV offers both actively and passively managed 2nd and 3rd pillar pension funds. The total value of the pension funds of LHV is 1.2 billion euros.