All news

BTA and YIT agree upon the rental housing development deal in the Baltic States

2 Sep 2021
All news

BTA and YIT agree upon the rental housing development deal in the Baltic States

2 Sep 2021

Proceeding with implementation of its investment strategy in the real estate field in the Baltics, BTA Baltic Insurance Company AAS (hereinafter – BTA) has concluded a significant deal with the construction company YIT on development of 5 rental apartment housing projects in the Baltic States, which is the largest transaction in this sector so far.

The investment deal between BTA and YIT is on construction of two rental apartment buildings in Riga, two in Vilnius and one in Tallinn, with a total of 479 apartments in these buildings. Completion of all these rental apartment housing projects is scheduled for 2022/2023, then starting to offer them to the potential tenants. All buildings are expected to achieve very good rating by the rating scale of the internationally recognized sustainability assessment certificate BREEAM. Adherence to BREEAM standards provides a marketing edge to these construction projects in the private real estate rental market, contributes to the availability of sustainable housing options to population, as well as increases the return on investment in such buildings by reducing their running costs.

“With this investment deal, BTA wants to strengthen positions in the Baltic insurance market. Thus, we contribute to the development of the sector and demonstrate a stable long-term strategy, offering a competitive product to everyone in Latvia, and soon in Lithuania and Estonia. This investment, sensing a great future potential, is also supported by BTA shareholders – Vienna Insurance Group AG, who have extensive experience in investing in the development of various fields. We are proud to be the first to conclude such an investment deal in the Baltics with stable, recognized and reliable partners,” indicates Wolfgang Stockmeyer, Chairman of BTA Management Board.

The Baltic real estate market has swiftly recovered after a slight decline last year and booming now – an influencing factor that promotes the development of new, up-to-date housing that meets the current needs of population on a pan-Baltic level.

“YIT’s strategy is to sell part of its housing project portfolio to institutional investors as rental projects to speed up execution of area projects and to accelerate growth in a capital efficient way. I am very pleased that YIT is able to create a long-term partnership, which such a professional player like BTA. It is also great that our Baltic subsidiaries can produce rental apartments for Baltic consumers as an alternative for owned apartments,” says Tom Sandvik, Senior Vice President, Housing CEE YIT.

Investment management and housing services of the new rental apartment buildings have been entrusted to an experienced partner – Estonian real estate investment management company Lumi Capital.

The partners have agreed not to disclose the total amount of the investment.

About BTA

BTA Baltic Insurance Company is one of the leading insurance companies in the Baltics, offering the broadest range of non-life insurance services in Latvia, Lithuania and Estonia. BTA employs more than 1,000 employees in the Baltics. The sole shareholder of BTA is Vienna Insurance Group AG with close to 200 years of experience in the insurance business. With about 50 companies in 30 countries and more than 25,000 employees, Vienna Insurance Group is a clear market leader in its Central and Eastern European markets, and takes care of more than 22 million customers. Vienna Insurance Group is the best-rated company of ATX, the leading index of Vienna Stock Exchange (since 1994) with a rating of A+ with stable outlook from Standard & Poor’s; its share is also listed on the Prague Stock Exchange. Vienna Insurance Group works in close partnership with Erste Group – the largest retail bank in CEE.

About YIT

YIT is the largest Finnish and a significant North European urban developer and construction company. Our goal is to create more sustainable, functional and attractive cities and living environments. We develop and build apartments, business premises and entire areas. We also specialise in demanding infrastructure construction. We own properties together with our partners, which supports the implementation of our significant development projects. We also provide our customers with services that increase the value of properties. We employ approximately 7,400 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2020 was approximately EUR 3.1 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy.

About Lumi Capital

Lumi Capital is a real estate investment management company founded in 2013. An active investor in the commercial and housing sectors of the Baltic States, Lumi Capital is the leading manager and hands-on operator of rental housing investments with about 2000 apartments under management. With this investment Lumi Capital is excited to enter the Latvian and Lithuanian housing markets with its services.

Additional information:
Elīna Rasmane
Marketing and Public Relations Department Director
BTA Baltic Insurance Company AAS



{{sparsePrice(price, true)}} €




Deductible CASCO
Insured risks

We at BTA, indemnify traffic damage caused by the party who has taken out motor insurance and the cost of medical treatment for third parties (owners of other vehicles, cyclists, pedestrians) and damage to property of third parties.




{{translation('one_property_covered_deductible')}}{{coveredPopup.deductible}} €



{{coveredPopup.formattedPrice(item.price)}} €/pers.
{{coveredPopup.sparsePrice(price, true)}} €

Let us remind you

{{productReminderMessage}} {{productReminderDate}}.

I agree to receive special offers and information
Your session will end in:



{{ fieldsPopupHeading }}

{{ cmsFields.youngestDriver.label }}
{{ cmsFields.drivingExperience.label }}
{{ cmsFields.territory.label }}
Please specify territory
{{ cmsFields.drivingExperienceLessThanThreeYears.label }}
Please specify driving experience
Please wait!

We need few seconds to calculate best prices for you, you don’t even have time to read this message :)

Upload vehicle photos

Uploading pictures is easy! Upload pictures of the vehicle immediately and full insurance coverage is guaranteed.

Cookies Settings
Cookies settings
This website uses cookies that are strictly necessary for this website to work.
With your consent, this website may additionally use statistical and marketing cookies.

If you accept all cookies, please click "Allow".
If you wish to refuse cookies, please click "I don't agree". You can manage your preferences by clicking "Customize preferences".

For more information, please see our
Cookie Policy
For more information, see our
Cookie Policy

Functionality (necessary) cookies

These cookies are necessary for the operation of the website and cannot be disabled. These cookies can be divided into session cookies and persistent cookies, which do not store personally identifiable information. Session cookies are deleted as soon as you leave this site.

Statistics cookies

These cookies are used to measure the use of the website and traffic sources to obtain information required to improve the website’s performance. These cookies help us to determine – which sections of the website are the most popular and learn about our users' browsing habits. For this purpose, we use the Google Analytics statistics engine. All information collected is anonymous and cannot be used to identify you.

Marketing cookies

These third-party cookies are used to display personalized ads according to your preferences. We use cookies to help us collect information about your usage habits on this website and to allow us learn of your interests so that we could show you only ads that are relevant to your usage habits. In case you prefer us not to show you any ads, leave this menu check-box blank.