Ylva’s responsibility raised investor interest: Ylva and Varma establish a new joint venture concerning the Lyyra development project
Ylva and Varma, one of Finland’s largest pension insurance companies, have agreed on forming a joint venture, concerning the Lyyra development project in Helsinki.
The Lyyra project, located in Kallio, Helsinki, will be completed in stages by 2023. Three new buildings will be built within the Lyyra block, housing a hotel, office space, restaurants, and apartments. The total floor area of Lyyra is 20,800 square meters, which also includes underground facilities.
Ylva will continue as Lyyra’s major shareholder, and serve as the project’s active developer, as it has since 2017.
“Our goal is to build the most sustainably constructed and operated block in Helsinki, dedicated to science and business: a block that will serve Hakaniemi, Kallio and all citizens of Helsinki for at least the next 100 years. We are pleased to have an important partner in it’s field, Varma, to join us. A partner who shares common values and a long-term perspective with us, and with whom we will continue our pioneering work on the Lyyra site together”, rejoices Ylva’s Real Estate Director Ville Vaarala on the newly established JV.
Ambitious sustainability targets have been set for the project: aiming to build the most sustainable building in Finland, with the smallest possible carbon footprint and the largest possible positive impact on it’s surroundings.
“The excellent location of the Lyyra project, and it’s ambitious goals on sustainability, made us interested in the development. We were convinced by Ylva’s corporate responsibility,which is well in line with Varma’s operations. We are therefore happy to join Ylva as a JV partner in this development project,” says Varma’s Real Estate Investment Manager Johanna Haikala.
In 2019, Lyyra was selected as one of the pilot projects to join the OECD’s B4IG (Business 4 Inclusive Growth) incubator and network. Ylva is the only Finnish company in the international network of 35 companies, whose members including Unilever, L’Oreal and Microsoft, are pioneering in creating a more responsible market economy.
CBRE acted as Ylva’s commercial advisor in the process, and Avance as Ylva’s legal advisor.
Ville Vaarala, Real Estate Director, +358 40 569 0699
Leea Tolvas, President and CEO, +358 50 400 0323