Vienna Insurance Group and its Latvian subsidiary BTA Insurance, in partnership with Lumi Capital, have acquired a pan-Baltic rental apartment portfolio with 479 apartments located in Tallinn, Riga and Vilnius. The portfolio will be developed by YIT Group and it will become operational in 2022/2023.
Linkmenu quarter in Vilnius
"We are proud to work with a leading European insurance group and help them to structure and operate a long-term ownership orientated rental apartment portfolio in the Baltics” says Martin Rekor, partner of Lumi Capital.
The apartment buildings in the portfolio are located mostly in central locations. A highlight is the Linkmenu residential quarter in Vilnius, which is located a short walk from the Vilnius CBD. The portfolio will be developed to achieve a high level BREEAM sustainability certification.
"Lumi Capital is very excited to enter the Riga and Vilnius housing markets and offer its housing services to apartment clients in these new markets," confirms Martin Rekor and adds that with this transaction, Lumi Capital’s rental apartment portfolio grows to about 2000 apartments, including 1500 in operation and 500 in development.
Lumi Capital is a real estate investment management company founded in 2013. An active investor in the commercial and housing sectors of the Baltic States, Lumi Capital is the leading manager and hands-on operator of rental housing investments with about 2000 apartments under management.
BTA Baltic Insurance Company is one of the leading insurance companies in the Baltics, offering the broadest range of non-life insurance services in Latvia, Lithuania and Estonia. The sole shareholder of BTA is Vienna Insurance Group AG with close to 200 years of experience in the insurance business. With about 50 companies in 30 countries and more than 25,000 employees, Vienna Insurance Group is a clear market leader in its Central and Eastern European markets.
YIT is the largest Finnish and a significant North European urban developer and construction company. YIT employs approximately 7,400 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. The YIT revenue in 2020 was approximately EUR 3.1 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com