A penthouse construction project completed in Myllypuro, Helsinki, in 2017 added new units to the top of an existing residential building. The construction project to add units was implemented by selling the construction permit to a Lehto Group company through a directed paid share issue.
In the construction project, two floors were added to the Alakiventie 3 residential building. The expansion brought 34 new units totaling approx. 2,000 m2 to the existing residential building.
As a result of the extensive project, the housing company’s residential building got a new roof, and other renovation and repair work was also done. The company received a 600,000-euro grant from the city for the project to add apartments, and the costs of the renovations and repair work were covered by the subscription price of the new shares.
Lexia assisted the housing company in issues related to company and contract law; e.g., we assisted in project approval at the shareholders meeting, in organizing the share issue, and we participated in drafting the subscription contract and in contract negotiations.