YIT renovates an office building into an apartment hotel in Espoo, Finland
YIT has signed agreements on the sale and renovation of the Porarinkatu office building located in Leppävaara, Espoo with VVT Property Fund I Ky managed by VVT Kiinteistösijoitus Oy. The value of the agreements is approximately EUR 10 million. The building will be renovated into an apartment hotel. Forenom Oy’s accommodation services have signed a leasing contract for the premises.
The old office building, owned by YIT, will be fully renovated into a 133-room apartment hotel with a total living area of approximately 3,200 square metres. Renovation works will start in December 2014 and the project will be completed by the end of 2015. A Gold level LEED certificate will be applied for the building.
“The project is a good addition to our offering in the capital region, and strengthens our ability to provide comprehensive service for our corporate customers. We will bring a high-quality, cost-efficient alternative to the Leppävaara apartment and hotel offering, awaited by the local business community”, tells Johannes Kangas, CEO at Forenom Oy.
“The property fits well into the fund’s portfolio, and represents a new way of thinking in accommodation. The location of the apartment hotel is also excellent. The changing living environment and the diverging customer needs create completely new development opportunities”, says Pekka Korhonen, CEO at VVT Kiinteistösijoitus Oy.
“The apartment hotel is again a good example of utilisation of comprehensive know-how in changing the purpose of old and vacant office buildings”, tells Timo Erkkilä, property development director at YIT.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, +358 50 390 6750 firstname.lastname@example.org
Timo Erkkilä, Property Development Director, YIT Construction Ltd, +358 40 540 4313, email@example.com
Vice President, Investor Relations
Distribution: NASDAQ OMX, principal media, www.yitgroup.com
YIT is a construction industry leader. We create better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over 100 years of experience have secured for us a strong market position: We are the largest housing developer and one of the largest business premises and infrastructure developers in Finland, and the most significant foreign housing and area developer in Russia. Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have more than 6,000 employees in seven countries. In 2013, our revenue amounted to nearly EUR 1.9 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com