Finnish contractor YIT has signed a deal with UK property management company RSJ Investments to develop two major construction projects in Slovakia.
The partnership aims to develop phases 4 to 11 of YIT’s Nuppu residential project in the Ruzinov district of the country’s capital Bratislava, as well as the entire Zwirn residential and business premises project, also located in Bratislava.
As YIT’s largest residential project in the city, Nuppu will consist of approximately 1,000 apartments. Presently, 300 apartments are either under construction or completed, leaving the remaining 700 to be developed under the new agreement.
For the Zwirn project, the two companies will work together to convert the site of Bratislava’s former Cvernová továreň factory, a historical industrial area, into a new neighbourhood. It will include the functional integration of the Spinning Mill, a national heritage landmark.
Tom Sandvik, senior vice president and head of housing Baltic and Central & Eastern Europe division at YIT, said, “Establishing this joint venture supports our goal of profitable growth involving partners. This is a way to grow our investing capacity in a capital-efficient manner.”
The transaction value has not been published but the partnership is split equally between the two parties.