YIT sells apartments to Orava Residential REIT for EUR 20 million
YIT and Orava Residential REIT have signed an agreement on the sale of 85 apartments in the Helsinki region and other growth centres in Finland. The value of the agreement is approximately EUR 20 million. The agreement marks the first transaction between YIT and Orava Residential REIT, which was listed on the Helsinki stock exchange in autumn 2013.
“Orava Residential REIT is an interesting new residential property investor. As a residential property developer that operates throughout Finland, we can offer an extensive range of apartments and we hope that our successful co-operation with Orava Residential REIT will continue in the future,” says Harri Isoviita, Senior Vice President for Residential Construction at YIT.
“We are satisfied with the transaction we have concluded with YIT. The regional distribution of the purchased apartments matches Orava Residential REIT’s investment strategy and the apartments are a strong addition to our residential portfolio,” adds Pekka Peiponen, Director at Orava Residential REIT.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, firstname.lastname@example.org
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 2012, our revenue amounted to approximately EUR 2 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com.
Orava Residential REIT invests in rental apartments in Finland and is the first Real Estate Investment Trust company in Finland. Its operations are regulated by the Finnish Act on Real Estate Funds and the rules for its real estate investment operations have been approved by the Finnish Financial Supervisory Authority. Orava Residential REIT has an annual dividend yield target of 7–10 per cent. Dividend is paid four times per year. Orava Residential REIT’s share is listed on NASDAQ OMX Helsinki. www.oravaasuntorahasto.fi