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YIT Corporation Investor News December 21, 2017, at 8:00 a.m.
The construction of the property project for local service centre Hertsi located in Herttoniemi, Helsinki, developed by YIT and Hartela, will start in January 2018. YIT and Hartela will realise the project as a consortium with equal 50/50 shares. The investors of local service centre Hertsi’s new construction create an investor consortium consisting of Aktia Life Insurance Ltd, Fennia Life Insurance Company Ltd and Yleisradion Eläkesäätiö.
“In joint investing, we can share our competence and the risk together with our partners and utilise different effective funding models. Fennia Asset Management Ltd is happy to be involved in structuring, funding and administrating this excellent service and commercial centre to be constructed,” says Timo Rantala, Director, Real Estate at Fennia Asset Management Ltd.
“This new expanding local service centre by excellent transport connections in such a central location is an excellent investment in our portfolio. The area is developing strongly, and the services provided by the Hertsi tenants complement each other,” says Jukka Sjösten, Head of Investments at Aktia Life Insurance Ltd.
Hertsi is a significant hybrid project that will feature premises of service living in addition to retail sales and services. YIT and Hartela will also construct their own, separate residential buildings in the same block. The construction work of the project will begin in January 2018 with the renovation work in the Megahertsi shopping centre, and the work will continue soon with new construction. Local service centre Hertsi will open in spring 2020. The Hertsi block will be completed by summer 2021.
“YIT and Hartela have had property ownership in the same block for already 15 years. By developing the project together and as a result of a successful investor solution, we can now start the construction work of local service centre Hertsi,” says Heikki K. Hannukkala, Project Manager at YIT.
Hertsi premises will feature HOK-Elanto’s supermarket Prisma, City of Helsinki’s library and youth centre and daycare centre Päiväkoti Touhula. The centre will also house Tokmanni, Alko and Megahertsin Apteekki pharmacy that already operate in the commercial centre. In addition, Hertsi will feature many restaurants and cafés. Andy Solomon, who is known as the owner of Treffi Pub & Bistro in Herttoniemi, will open a new 900-squaremetre Fat Lizard Restaurant and Bar in Hertsi.
For further information, please contact:
Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, Tel. +358 40 566 6070, firstname.lastname@example.org
Timo Lehmus, Head of the Business Premises and Infrastructure segment, YIT Corporation, tel. +358 400 409 181, email@example.com
Vice President, Investor Relations
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT creates better living environment by developing and constructing housing, business premises, infrastructure and entire areas. Our vision is to bring more life in sustainable cities. We want to focus on caring for customer, visionary urban development, passionate execution and inspiring leadership. Our growth engine is urban development involving partners. Our operating area covers Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland. In 2016, our revenue amounted to nearly EUR 1.8 billion, and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com