Castrén & Snellman advised DWS on the deal. Hannes Snellman acted as counsel to SRV.
DWS, one of the world’s leading asset managers, in a transaction in which DWS and Finnish constructor SRV agreed on the sale and construction of three residential assets to be built on behalf of one of DWS’s institutional real estate funds in the Capital Region of Finland. Construction works will begin in the coming six months.
Construction in Helsinki, Espoo and Kerava will begin in the next six months. The projects are recognised in the order backlog in phases as the start-up decisions are made. The projects will be recognised as income over a period of several years. The cooperation agreement is valued at EUR 82 million.
The housing project in Helsinki (Asunto Oy Helsingin Pohjantytär) is located in South Haaga in the Pohjola block being develop by SRV. The project comprises of a 17-storey residential building with 141 apartments. Construction will be completed in late 2023.
The housing project in Espoo (Asunto Oy Espoon Saunakukka) is located in Saunalahti, Espoo. At completion, there will be in total 63 apartments in three three-storey buildings. Saunakukka will be completed in autumn 2022.
In Kerava, SRV will construct a 53-unit apartment building (Asunto Oy Keravan Aleksinniitty) in Kerava’s city centre, next to a range of local services and with excellent public transport connections. Construction of Aleksinniitty will be completed in early 2023.
All three projects are SRV’s housing development projects. Housing development projects are projects that are developed by SRV, which are mainly sold to an investor before construction begins.
SRV is a developer and innovator in the construction industry.
The Castrén & Snellman team included Antti Kaakkola (Picture), Tanja Tuominen, Aleksi Aakula, Elina Marttala and Jaakko Honkala.
The Hannes Snellman team comprised Matti Lajunen, Ella Rinne, Matti Tyynysniemi, and Harri Vehviläinen.
Involved fees earner: Aleksi Aakula – Castrén & Snellman; Jaakko Honkala – Castrén & Snellman; Antti Kaakkola – Castrén & Snellman; Elina Marttala – Castrén & Snellman; Tanja Tuominen – Castrén & Snellman; Matti Lajunen – Hannes Snellman; Ella Rinne – Hannes Snellman; Matti Tyynysniemi – Hannes Snellman; Harri Vehviläinen – Hannes Snellman;