YIT sells second assisted living facilities for the elderly located in Hyrylä, Finland to eQ Care
YIT has signed an agreement with Finnreit Fund Management Company Ltd on the sale of the assisted living facilities located on Rykmentintie in Hyrylä, Tuusula, Finland, to Special Investment Fund eQ Care (non-UCITS). The sale is a continuation of the real estate sale carried out in the spring, in which a building renovated for assisted living located on the adjacent plot was sold to the same buyer. The value of the sale now implemented is close to seven million euros. The building will be completed in October 2013, and it will be used by Mainio Vire Oy. The floor area of the building is 3,600 square metres, and a total of 54 assisted living facilities will be completed there.
“We are happy with this acquisition. The site is well suited for its purpose, its location is functional and we were happy with the earlier implementation by the same builder. In addition, it is great and interesting to be part of the development of an old barracks area. We are also confident that our cooperation with YIT will continue and that we will continue to implement projects together with this partner, which has proved to be a good one,” says Amos Janhunen, CEO of Finnreit Fund Management Company Ltd, which manages Special Investment Fund eQ Care.
The facilities of this building, which used to function as a staff barracks, will be renovated as fully modern nursing home facilities with offices, cooking kitchens and day activity facilities. The repair and change of purpose of both buildings will give new life to the buildings and support sustainable development. At the same time, the preservation of the buildings in the future residential area preserves a piece of the past and history.
“The professional skill of Finnreit and Special Investment Fund eQ Care and the interesting nature of the fund have reassured us. This is a continuation of a cooperation that began well, and I believe that we will cooperate on similar deals in the future as well,” says Jarkko Koivisto, Director, Project Development, from YIT.
Additional information on YIT:
Jarkko Koivisto, Director, Project Development, Business Premises, YIT Construction Ltd., tel. +358 (0)40 557 6829, email@example.com
Additional information on Special Investment eQ Care (non-UCITS):
Amos Janhunen, President and CEO, Finnreit Fund Management Company Ltd, tel. +358 (0)40 709 2836, firstname.lastname@example.org
YIT is a leading European service company in building systems, construction services and services for industry. We have more than 25,000 professionals serving customers in 14 countries in the Nordic and Baltic countries, Russia and Central Europe. For over one hundred years we have grown together with our customers and developed our services in line with the changes taking place in different societies. We intend to continue on that track. Our vision is to lead the way in creating and maintaining good living environments. In 2012, YIT’s revenue was approximately EUR 4.7 billion. YIT’s shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com
Special Investment Fund eQ Care (non-UCITS) is the first mutual fund in Finland to invest its assets in domestic real estate sites of the care sector. The fund is managed by Finnreit Fund Management Company Ltd, which is the only fund management company in Finland specialising in real estate investment, in particular. Finnreit Fund Management Company Ltd is jointly owned by the company’s operational management and eQ Asset Management Ltd. We are a pioneer in fund investment. We offer a solid cash flow for fund investors and an easy way to invest directly in real estate and introduce new capital to the real estate market. In all this, we want to be the best operator in the market.