We advised YIT, the largest Finnish urban developer and construction company and also significant in Northern Europe in general, on the establishment of a partnership involving the largest ever residential to-let development project in the Baltic countries, and on local law aspects in all three of the Baltic states regarding the joint venture’s structure. As part of this project, we negotiated and drafted all the relevant project-related documents, including agreements on property acquisition, design and construction, and asset management. The process was extremely challenging due to its complex and multi-jurisdictional structure, which required different legal frameworks. As the aim was to apply a unified approach to all jurisdictions, the drafting and negotiating of the local agreements was a lengthy process, with complex issues requiring innovative and creative solutions.
Significance of the project
As it covers 479 apartments, 316 parking places and 77 storage spaces, this was already — even as early as the seed phase – the largest real estate joint venture transaction in the region in 2021, as well as the largest residential to-let property development project in the region ever.
Our cross-border team
The client team was led by partner Piret Jesse. Partner Kaido Künnapas, counsels Lauri Liivat and Piibe Lehtsaar; and senior associates Triin Ploomipuu, Mirjam Vichmann, Robin Teever and Lise-Lotte Lääne; as well as associates Liisa Maria Kuuskmaa, Vladislav Leiri and Kadri Puu worked on the Estonian matters. In Latvia, the client was advised by partner Lelde Laviņa and senior associate Andris Vilisons.