YIT has agreed on a new three-year term loan of EUR 50 million
- Investor news
YIT signs a contract on the construction of Lauritsala school with the life cycle model
YIT Corporation Investor News November 29, 2019 at 10:00 a.m.
YIT and the City of Lappeenranta have signed a contract on the construction and maintenance of Lauritsala school. YIT is responsible for the design, realisation and 20-year service period of the project carried out in accordance with the life cycle model. The total value of the project is approximately EUR 32 million. The contract will be entered in the order backlog for the fourth quarter of 2019.
The new Lauritsala school will be built to replace the old school building that was demolished in 2016. It will respond to the needs of basic education, pre-primary education, youth services, sports and exercise service and Eksote, the South Karelia Social and Health Care District’s services. The building is designed for almost 900 daily users, and its gross floor area is over 8,000 m2. The construction of the project will begin in spring 2020, and the users will get to the new premises in early 2022, which also marks the beginning of YIT’s service period. The exterior work will continue until summer 2022.
In accordance with the life-cycle model, YIT’s responsibilities include the building’s usability and use conditions for a service period of 20 years.
“It’s great to participate in realising the Lauritsala school with the life cycle model in cooperation with the City of Lappeenranta. The life cycle model combines the objectives of the client, the planning, construction and property maintenance to an entity ensuring the property’s usability and excellent condition throughout the entire contract period,” says Hannu Soikkeli, Director of life cycle projects at YIT.
“Lauritsala school is the first school in Lappeenranta to be realised using the life cycle model. The expectations are high for both the realisation phase as well as the service period. We expect predictability and smooth daily operations throughout the contract period,” says Katri Tolvanen, Property Director at Lappeenrannan Toimitilat Oy.
For further information, please contact:
Tiina Kuusisaari, Investor Relations Manager, YIT Corporation, tel. +358 (0)40 528 8154, firstname.lastname@example.org
Esa Neuvonen, EVP, Business Premises and Partnership Properties, YIT Corporation, tel. +358 (0)40 500 1003, email@example.com
Investor Relations Manager
Distribution: NASDAQ Helsinki, key media, www.yitgroup.com
YIT is the largest Finnish and significant North European construction company. We develop and build apartments and living services, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers, our nearly 10,000 professionals are creating more functional, attractive and sustainable cities and environments. We work in 11 countries: Finland, Russia, Scandinavia, Baltic Countries, 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 restated pro forma revenue for 2018 was approximately EUR 3.2 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com