SLOVAKIA Yit Slovakia and RSJ Investments have established a joint venture that will develop phases 4-11 of Yit’s Nuppu residential project and the entire Zwirn residential and business mixed-use project in Bratislava, Slovakia.
Yit and RSJ Investments will both own 50 pct of the joint venture. The financial details of the transaction have not been disclosed. Nuppu is Yit’s largest residential project in Bratislava, located in the Ruzinov district 10 minutes from the city centre. Around 1,000 apartments will be constructed in total. At the moment, phases 1-3 with more than 300 apartments have either been completed or are under construction. Yit previously sold phases 2-3 of Nuppu to the YCE Housing I fund. The joint venture will develop the remaining 700 apartments.
Zwirn is an urban living and office space development on the site of Bratislava’s former Bratislavská Cvernová Továreň thread factory. The historic industrial area will be converted into a residential neighbourhood, which will combine both the original and contemporary architecture while preserving the Spinning Mill national heritage landmark.
“Establishing this joint venture is part of our policy of seeking profitable growth through partnerships. This is a way to increase our investment capacity in a capital-efficient manner,” states Tom Sandvik, the head of housing for the Baltics and the CEE at Yit.
