YIT together with local joint venture partner IMMOCAP, has acquired an approximately 3.7-hectare plot in the centre of the Bratislava, in city district Nove mesto on the border with the historic Staré mesto (Old Town) and Ruzinov district (wider city centre). The area is known as former Cultural and Congress centre called “Istropolis” located next to the most important transport hub of Bratislava. The plot acquisition is recorded in the third quarter of the year.
In the joint venture, YIT and IMMOCAP form a 50–50% partnership with local bank financing. IMMOCAP is privately hold, well known Slovak developer with long term professional and successful track record in commercial development.
A versatile entity of housing and business premises will be developed on the plot. Estimated start-up of the first phase of the project has been scheduled for 2021.
The plot acquisition supports YIT’s strategy to grow its residential business in the CEE countries, to develop a compact urban blocks or districts together with strong and compatible local partners in unique locations and bring more life in sustainable cities.
For further information, please contact:
Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 40 5666 070, 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
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
Notice to Lemminkäinen Shareholders in the United States
The YIT shares to be issued in connection with the merger of YIT and Lemminkäinen have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and are being issued in reliance on the exemption from registration set forth in Rule 802 under the Securities Act.
YIT and Lemminkäinen are Finnish companies and the issuance of YIT shares will be subject to procedural and disclosure requirements in Finland that may be different from those of the United States. Any financial statements or other financial information included in this investor news may have been prepared in accordance with non-U.S. accounting standards that may not be comparable to the financial statements of U.S. companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States.
It may be difficult for U.S. shareholders of Lemminkäinen to enforce their rights and any claims they may have arising under U.S. federal securities laws in connection with the merger, since YIT and Lemminkäinen are located in non-U.S. jurisdictions, and some or all of YIT’s and Lemminkäinen’s officers and directors may be residents of countries other than the United States. As a result, U.S. shareholders of Lemminkäinen may not be able to sue YIT or Lemminkäinen or their respective officers and directors in a court in Finland for violations of U.S. federal securities laws. Further, it may be difficult to compel YIT or Lemminkäinen to subject themselves to the jurisdiction or judgment of a U.S. court.
Lemminkäinen’s shareholders should be aware that YIT may purchase Lemminkäinen’s shares otherwise than under the merger, such as in open market or privately negotiated purchases, at any time during the pendency of the proposed merger.