News Article Czech Republic residential RSJ Slovakia YIT
by Property Forum | Residential

YIT has signed agreements to establish three joint ventures with the Czech investment group RSJ Investments in Lithuania, Latvia, and Slovakia. YIT is selling plots or projects under construction to joint ventures under the same agreement.

The deals cover the fifth stage of the Naujasis Skansenas project in Lithuania, the second stage of the Mārpagalmi project in Latvia, and the Mlynarka project in Slovakia. The joint ventures will continue to develop all of these. YIT and RSJ Investments each own 50 % of the joint ventures that have now been established. The parties have agreed not to disclose the value of the transactions.

 The Naujasis Skansenas area is located on Linkmenu Street in Vilnius, Lithuania, in a modern city centre area on the northern bank of the river Neris. YIT started to develop the Naujasis Skansenas area in 2019. The fifth apartment block in the Skansen area is already under construction and it will be finished in early 2024.

Mārpagalmi 2 is the second phase of the Mārpagalmi area project in Āgenskalns, a green and popular neighbourhoods in Riga, Latvia. The construction of the second phase began in July 2023 and is scheduled for completion in the first quarter of 2025.

 The Mlynarka project is located on a plot of land under development in Bratislava, Slovakia, with a zoning change as the next step. The aim is to develop housing projects, offices and other civic amenities and services in the area. The area is located in the rapidly developing Ružinov district, close to the city centre. The project will proceed in phases, with construction of the first phase planned to begin in the last quarter of 2025. The project is scheduled to take around 10 years to complete.