YIT SELLS HYVINKÄÄ COMMERCIAL AND SERVICE CENTRE IN FINLAND TO VARMA
On May 6, 2010, YIT Construction Ltd has signed a contract with Varma Mutual Pension Insurance Company regarding the shopping mall in the centre of Hyvinkää, Finland. The total value of the sale is almost EUR 80 million. The construction of the 27,000 m² mall and underground car park has already begun, and both will be ready in the spring of 2012.
The commercial and service centre will feature the K-citymarket along with retail stores such as Seppälä, Lindex, name it, VILA, VERO MODA, JACK & JONES, ONLY, Moda Laakso, Instrumentarium as well as new shops operating through Anttila. Negotiations are underway with several other businesses as well. The shopping mall will also have office space.
The property being sold is part of the City of Hyvinkää's general Keko commercial centre project, which will be completed in 2013. The city's commercial construction guideline will be enacted in its entirety, in which commercial activities will be located in the growing and dynamic centre of the city. The project will also strengthen Hyvinkää's position as the commercial hub of the Northern Uusimaa economic region.
Varma is the largest private property investor in Finland. Currently, the value of Varma's directly owned property holdings is approximately EUR 3.9 billion. Varma is an active player in the property investment market. This year the company has made about EUR 135 million worth of investment decisions relating to new property acquisitions.
Additional information: Hannu Lokka, Unit Manager, YIT Construction Ltd, tel. +358 400 454 342, email@example.com Timo Lehmus, Senior Vice President, Business Premises, YIT Construction Ltd, tel. +358 400 409 181, firstname.lastname@example.org Matti Viitala, Real Estate Director, Varma Mutual Pension Insurance Company, tel. +358 40 519 5167, email@example.com
Virva Salmivaara Senior Vice President, Corporate Communications
Distribution: NASDAQ OMX, principal media, www.yitgroup.com
YIT is a significant European services company operating in the fields of building, construction and industry. We build, develop and maintain a comfortable living environment in the Nordic countries, Russia, the Baltic countries and in Central Europe. In 2009 YIT's turnover was EUR 3.5 billion. The Group employs approximately 23,500 people. YIT is listed in the NASDAQ OMX Helsinki Stock Exchange.