YIT acquires a plot for its first residential project in Poland and takes thereby a significant step in its strategy to grow the business in the CEE countries. YIT’s Polish unit was established in autumn 2015 to tap into the opportunities provided by one of Europe’s biggest residential markets. There is a significant need for new apartments in Poland stemming from the improving living standards and purchasing power of the close to 40 million population.
The acquired residential plot is located in Warsaw’s Mokotów district. The project has a valid building permit for around 300 apartments with sellable area of close to 18,000 square metres, and it will be executed in three phases. Construction of the first phase comprising over 120 apartments is estimated to start in the second quarter of 2016. The plot acquisition is paid in instalments to ensure efficient use of capital.
The project is located in a green and peaceful residential area around six kilometres from both the centre of Warsaw and the airport. There are versatile services in the surroundings including shopping malls, leisure facilities, kindergartens and schools. The public transportation connections are also excellent.
”Entering Poland is in key role in our strategic target to increase the weight of the CEE countries in our operations. We believe firmly that by combining strong local expertise with the proven model of residential development already implemented in our other CEE units we will succeed also in Poland. In the beginning, we will focus on the residential market in Warsaw, but in the longer run we see opportunities also in other cities”, comments Tom Sandvik, Head of the Baltic countries and Central Eastern Europe business division.
”With the plot acquisition we are one step closer to starting not only the first YIT project but also the first Finnish multifamily residential project in Poland. I see our Nordic identity which reflects reliability and connection with nature as an important competitive advantage for us”, adds Tomasz Konarski, Managing Director of YIT’s Polish subsidiary.
CEE countries represented 11% of YIT’s revenue in 2015. The revenue from the CEE housing business has grown at a double-digit rate now for several years and the profitability has developed favourably.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations and M&A, YIT Corporation, tel. +358 50 390 6750, email@example.com
Tom Sandvik, Head of the Baltic countries and Central Eastern Europe business division,
tel. +358 400 617 807, firstname.lastname@example.org
Vice President, Investor Relations and M&A
Distribution: NASDAQ OMX, major media, www.yitgroup.com
YIT is a construction industry leader that creates sustainable urban environments by constructing housing, business premises, infrastructure and entire areas. We focus on providing a first-class customer experience, high quality and continuous development of our diverse expertise. Our operating area covers Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland. Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have over 5,300 employees in eight countries. In 2015, our revenue amounted to nearly EUR 1.7 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com