Peab establishes joint venture for housing developments in Finland
Peab establishes a joint venture with Slättö to develop and manage newly produced green housing developments in Finland.
The new joint venture will be owned equally by Peab and Slättö Core Plus AB. The partners share an ambition to develop the portfolio focusing on bigger cities in Finland and green housing developments. The initial acquisition consists of two housing projects in Vantaa and Turku with a total of 178 apartments and 705 m2 commercial space in locations with good communications. All the properties will be environmentally certified. Peab will build the properties on its own balance sheet until completion at the end of 2023 and then recognize them in revenue upon divestment.
“Following our strategy Peab has made considerable investments in Project Development in recent years and now we’re very pleased to start collaborating with Slättö in Finland. The projects we’re undertaking are important for Peab in Finland as are environmentally certified housing projects,” says Juha-Pekka Eskola, Division Head, Peab Project Development Finland.
“For Slättö, this transaction is an excellent opportunity to accelerate our investment strategy in Finland. Establishing a strategic joint venture with a skilled project developer aligns perfectly with our strategy on how to continue to grow geographically outside Sweden within green residential properties,” comments Christian Bratt, Head of Residential at Slättö.
For further information, please contact:
Juha-Pekka Eskola, Division Head, Peab Project Development Finland, +358 400 381 953
Juha Hartomaa, Head of Investor Relations Peab, +46 725 33 31 45
Peab is the Nordic Community Builder with 15,000 employees and net sales of SEK 61 billion. With a local presence and focus on our own resources we develop, do the groundwork and build everyday life where it’s lived. Company headquarters are in Förslöv on Bjäre Peninsula in southern Sweden. The Peab share is listed on Nasdaq Stockholm.
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