Avara is to complete an apartment building project with 69 affordable and energy-efficient rental apartments in the neighbourhood of Herttoniemi in Helsinki. The new property development project will complement the property portfolio of the Avara Vuokrakodit I fund, which invests in affordable housing. This is the first rental apartment building project implemented with short-term interest subsidy loans in the former industrial area in Herttoniemi.
The main contractor of this new property development project, located close to excellent transport connections and extensive services, is JM Suomi Oy, which has executed apartment buildings designed as owner-occupied flats in the same area. The construction is about to begin, and the new apartments are estimated to be completed in autumn 2023.
Energy-efficient two- and three-room apartments in the actively developing former industrial area in Herttoniemi
Herttoniemi is a lively neighbourhood that is growing fast. Its strengths include a vast service selection nearby, excellent transport connections and seaside nature surrounding the area. Avara’s future new property development project will be built in the former industrial area in Herttoniemi, within walking distance of the metro station and Hertsi shopping centre. Located at the edge of the so-called Sohlberg block, the apartment distribution of this rental apartment building will consist of two- and three-room apartments of different sizes.
Asunto Oy Helsingin Peltisepänkuja 5 is Avara’s first new property development project in Herttoniemi, and it will be executed according to class A energy standards. We are committed to decreasing housing’s strain on the climate and environment, which means that we are also committed to all of our new property development projects meeting the requirements of the most efficient energy class, says Tuomas Rantsi, Chief Operating and Development Officer at Avara.
Avara is developing a rental apartment building with 69 affordable rental apartments implemented with short-term interest subsidy loans in Herttoniemi. The apartments are estimated to be completed in autumn 2023. Image: Playa Arkkitehdit Oy (architect’s illustration)
The new property development project in Herttoniemi complements the apartment portfolio of the Avara Vuokrakodit I fund
Avara Vuokrakodit I is an alternative investment fund investing in affordable housing. It is also Finland’s first housing fund to meet the requirements of article 8 of EU’s Sustainable Finance Disclosure Regulation. The key investors of the fund include professional institutional investors. The fund’s investment commitments enable approximately EUR 350 million of investments in affordable residential real estate.
The Avara Vuokrakodit I fund invests in projects of affordable rental housing implemented with short-term interest subsidy loans in Finland’s biggest and most rapidly developing centres of growth. The new buildings are largely based on Avara’s own project development, and the apartment building project in Herttoniemi will be an excellent addition to the fund’s apartment portfolio, says Harri Retkin, Chief Investment Officer at Avara.
Tuomas Rantsi, Chief Operating and Development Officer, Avara Oy, firstname.lastname@example.org, tel. +358 40 838 5276
Harri Retkin, Chief Investment Officer, Avara Oy, email@example.com, tel. +358 40 704 6014