YIT and NREP, the leading real estate investor and developer in the Nordic countries, have agreed on the construction of rental housing projects in Poland. The agreement concerns just over 1,000 apartments and its value is approximately EUR 100 million. The agreement will be added to the order book for the third quarter of 2021.
“Our strategic objective is to accelerate the development of multi-phase area projects by implementing some of the project phases as rental housing projects in cooperation with institutional investors. Institutional investment in rental housing projects is common in Finland and the market is now also developing strongly in the CEE countries. We are pleased to contribute to the development of the rental housing market in Warsaw together with a reliable partner such as NREP,” says Senior Vice President, Housing CEE, Tom Sandvik.
The transaction is NREP’s first residential investment in Poland. The first rental housing property is scheduled to be completed at the end of 2022.
For further information:
Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358 40 576 0288, email@example.com
Tom Sandvik, Senior Vice President, Housing CEE, YIT Finland Ltd, tel. +358 40 061 7807, firstname.lastname@example.org
Vice President, Investor Relations
Distribution: NASDAQ Helsinki, major media, www.yitgroup.com
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.