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YIT has signed a contract with an investor on the realisation of Finnish residential projects with a total value of approximately EUR 50 million
YIT Corporation Investor News June 12, 2019 at 12:50 p.m.
YIT and the OP-Rental Yield special fund have agreed on the construction of four rental apartment projects in growth centres in Finland. The combined value of these projects is approximately EUR 50 million and the contract covers more than 330 apartments.
The final implementation contract has been signed for two of the projects which will be entered in the order backlog in the second quarter of the year. In addition, preliminary contracts have been signed for two projects. The final contracts will be signed during 2019 and the projects will be booked in the order backlog once the individual deals are closed.
“This contract continues our successful cooperation with OP. In its projects, YIT is studying solutions based on the use of alternative materials and production models, as well as their environmental impact as part of our strategic Green Growth development programme. The OP project in Tampere will be realised using timber-based modules,” explains Antti Inkilä, Executive Vice President, YIT Housing Finland and CEE segment.
“Sustainability, green values and energy-efficient solutions are increasingly emphasized in our investment decisions. This is also reflected in our long-term cooperation with YIT”, says Antero Tenhunen, Portfolio Manager, OP Real Estate Investment Ltd.
The projects are scheduled to start in phases during 2019 and the buildings will be completed in 2020.
For further information, please contact:
Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 566 6070, firstname.lastname@example.org
Antti Inkilä, Executive Vice President, Housing Finland and CEE segment, YIT Corporation, tel. +358 (0)40 864 4358, 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, the Czech Republic, Slovakia and Poland. The new YIT was born when the over-100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. Our pro forma revenue for 2018 was approximately EUR 3.8 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com