Lumi Capital OÜ and LHV pension funds purchase new rental houses in Bonava development
Lumi Capital OÜ and Bonava Eesti OÜ entered into an agreement, as a result of which, at the beginning of Mustamäe, in the future residential area of Uus-Mustamäe, they will create two rental houses with all amenities. Rental houses will be ready in the second half of 2021.
In the rental houses of the Uus-Mustamäe residential quarter, 84 1-, 2- and 3-room apartments are planned. Rental homes will be part of Bonava’s growing integrated habitat, where 750 new apartments will be ready within the next 5-7 years. Also for residents will create a multi-faceted park with an area of about 7 000 sq m with playgrounds, a local garden, lawns and a picnic area, a gym and a pamp track for skateboarders, roller skaters and cyclists.
“Bonava’s strategy is to offer affordable and high-quality new homes to many people. If in Scandinavia and Germany the creation of rental houses is already one of the parts of this strategy, then in the Baltic States and Estonia such deal is the first for us. We are pleased to contribute to the increase in the share of institutional investors in the Estonian rental market, as well as offer high-quality apartments and professional management to clients who do not want to bind themselves with a housing loan”, – said Timo Riismaa, executive director of Bonava Eesti OÜ.
“We are pleased to create new rental houses in cooperation with the leading in the Nordic countries residential development company Bonava, which has a lot of experience of this type of operation and cooperation in the Nordic countries. Lumi Kodud rental houses in Uus-Mustamäe are a suitable addition to our portfolio because located in the heart of the residential areas of the western Tallinn, in a quiet inner quarter. The houses will be a short walk from various shopping centers, schools and kindergartens, and from there you can quickly reach both the city center and the area of TalTech,” – commented on the investment Lumi Capital OÜ partner Martin Rekor.
This transaction is the second investment in rental houses, carried out in cooperation with Lumi Capital OÜ and the LHV pension funds. The first rental apartments of Lumi Kodud in Manufaktuuri kvartal (127 apartments) will be ready this spring.
“Lumi Capital continues to search for investments in new rental houses throughout Tallinn in order to create new rental houses for which there is a great demand. We are planning to increase the portfolio of rental houses to 500 apartments in cooperation with the LHV pension funds,” – said Martin Rekor, Lumi Capital OÜ partner.
Lumi Capital OÜ is a real estate investment management company that has created a business strategy for investing and leasing rental houses and implementing it in cooperation with the LHV pension funds.
Pension funds of LHV Varahaldus AS have about 170 000 clients. LHV offers second- and third-tier pension funds, managed both actively and passively. The total amount of LHV pension funds amounts to a total of 1,2 billion €.
Bonava is a leading residential development company in Northern Europe. The company operates in Sweden, Finland, Denmark, Norway, Germany, Russia, Estonia and Latvia, its turnover in 2017 amounted to 1,45 billion €. Bonava has developed and sold more than 1 900 new homes in Estonia for 14 years of activity.