In 2018, YIT was involved in establishing a closed-end alternative investment fund that invests in residential plots in Finland. YIT’s partners in the fund are Ålandsbanken and the pension insurance company Varma.
As the fund’s original investing capacity has been reached, the parties have agreed to increase the investment capacity from EUR 100 million to EUR 150 million. The fund’s equity is EUR 75 million after the increase, and the equity investment proportions between the investors remain the same: YIT 20%, Varma 40% and Ålandsbanken 40%.
“The plot fund we established has been an excellent investment and it is great to be able to increase the joint investment with our good partners YIT and Varma,” says Antti Valkama, Head of Real Estate Investment Funds at Ålandsbanken Funds.
YIT continues to seek out profitable new plots for the fund and Ålandsbanken carries out its investments as the fund’s manager. YIT also constructs self-developed residential buildings on the plots owned by the fund. The residents can redeem their plot share partly or completely at a time of their choosing, which enables YIT to offer more flexibility for the consumer regarding the timing of residential investment.
Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358 40 5666 070, tommi.järvenpaa@yit.fi
Pasi Huhtakangas, Vice President, Partnership Properties segment, Co-investments, YIT Corporation, tel. +358 40 565 3907, firstname.lastname@example.org
Timo Lehmus, Interim Executive Vice President, Partnership Properties segment, YIT Corporation, tel. +358 40 040 9181, email@example.com
YIT is the largest Finnish and a significant North European construction company and urban developer. We develop and build apartments and living services, business premises and entire areas. Furthermore, we are specialised in complex infrastructure construction. Together with our customers, our nearly 8,000 professionals create more functional, attractive and sustainable cities and living environments. We operate in 10 countries: Finland, Russia, Sweden, Norway, the Baltic countries, the Czech Republic, Slovakia and Poland. In 2019, our revenue amounted to approximately EUR 3.4 billion. YIT Corporation’s share is listed on Nasdaq Helsinki Oy. www.yitgroup.com/fi