YIT started several apartment building projects in April–June in Finland and sold housing to LähiTapiola
- Investor news
YIT has sold all of the Tripla office properties
YIT Corporation Investor News December 20, 2018 at 4:30 p.m.
YIT has sold the Tripla’s Workery offices, being built in Pasila, Helsinki, as a whole to an international investor. Tripla’s Workery offices, called Workery East and Workery West, are developed, constructed and owned by YIT. Their leasable area is approximately 50,000 square metres. The parties have agreed not to disclose the purchase price at this point. The deal is the single largest office property transaction in YIT’s history. The purchase price will be paid based on the percentage of completion: YIT will receive the first instalment in 2018 and the remainder will be paid in instalments according to the percentage of completion.
“We are very satisfied with the fact that Tripla’s Workery offices in Pasila, Helsinki, attracted the interest of several significant international property investors and with the fact that the properties were sold as a whole. The interest of international buyers is a great indication of Tripla’s appeal. Central Pasila is truly turning into the second city centre of Helsinki,” says Esa Neuvonen, EVP, Business Premises segment and Partnership Properties segment at YIT. “The modern business premises that are currently under construction will offer comfortable and flexible space for working and a new kind of living environment for the city’s residents, something that we all can be proud of.”
The construction of the offices began in early 2018 and they will be completed in spring 2020. Workery East’s leasable area is approximately 28,000 square metres and, at the end of 2018, its percentage of completion will be more than 65%. Workery East’s anchor tenant is Telia Finland. Workery West’s anchor tenant is Otavamedia Ltd. Workery West’s leasable area is approximately 22,000 square metres and, at the end of the year, its percentage of completion will be approximately 55%. Lease agreements in both office properties are long. Tripla’s Workery offices are constructed according to the criteria of the LEED Platinum certificate.
Tripla is a three-block complex to be completed in Central Pasila in stages during 2019 and 2020. It includes the Mall of Tripla shopping centre, a parking facility, public transport hub, apartments, a hotel and the offices that were now sold.
For further information, please contact:
Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 5666 070, firstname.lastname@example.org
Esa Neuvonen, EVP, Business Premises segment and Partnership Properties segment, YIT Corporation, tel. +358 (0)40 500 1003, 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, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers, our 10,000 professionals are creating more functional, more attractive and more sustainable cities and environments. We work in 11 countries: Finland, Russia, Scandinavia, the Baltic States, the Czech Republic, Slovakia and Poland. The new YIT was born when over 100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. Our pro forma revenue for 2017 was over EUR 3.8 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com