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YIT announces the finalisation of the Espoo Keilaniemi project’s real estate transaction
YIT Corporation Investor news March 13, 2020 at 3:30 p.m.
YIT’s and HGR Property Partners’ joint venture Regenero has today finalised the Keilaniemi area’s Accountor Tower real estate transaction. The finalisation will have a significant positive cash flow impact for Regenero and the owners of Regenero. Regenero will redeem the EUR 100 million bond issued by the real estate development company Keilaniemen Kiinteistökehitys Oy.
The profit from the transaction will be recognised in YIT’s first quarter 2020 results. The transaction has been included in YIT’s first quarter and full year 2020 guidance. YIT expects that its adjusted operating profit for the first quarter of 2020 will be on the level of, or above, the comparison period (continuing operations 1‒3/2019: EUR -9.7 million). The full-year Group adjusted operating profit from continuing operations is estimated to be in the range of EUR 150‒190 million (2019: EUR 165.5 million).
Tommi Järvenpää, Vice President, Investor Relations, tel +358 40 576 0288, firstname.lastname@example.org
Ilkka Salonen, CFO, YIT Corporation, tel. +358 45 359 4434, email@example.com
Vice President, Investor Relations
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT is the largest Finnish and significant North European construction company. We develop and build apartments and living services, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers, our nearly 10,000 professionals are creating more functional, attractive and sustainable cities and environments. We work in 11 countries: Finland, Russia, Scandinavia, the Baltic countries, Czech Republic, Slovakia and Poland. Our revenue in 2019 was approximately EUR 3.4 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com