YIT starts the construction of a hybrid care facility project in Vantaa, Finland

YIT Corporation Investor News December 14, 2017 at 1:00 p.m.

KOy Avain Elämänkaarikodit - Pihanäkymä
KOy Avain Elämänkaarikodit - Pihanäkymä

YIT starts the construction of Koy Avian Elämänkaarikodit hybrid care facility project in Veromies, Vantaa in Finland. The value of the project is approximately EUR 21 million, and it is part of a framework agreement concluded with the real estate investment company Hemsö Fastighets AB on the construction of care facility projects around Finland. ”The cooperation with YIT has strengthened our property portfolio and supported the business of our customers with several high-quality, comfortable care facilities, and we are pleased to implement a new project together in the Helsinki metropolitan area,” says Jarkko Leinonen, Country Manager for Hemsö Fastighets Ab in Finland.

The project includes the construction of a senior citizens’ house with 60 assisted living homes and 66 senior citizens’ homes. The project is due for completion in the spring of 2019.  The tenant of the property will be Attendo Oy under a long lease. In addition, the project includes the construction of a day-care centre for 72 children, with Touhula Varhaiskasvatus Oy as the tenant. In fact, Avia’s lifecycle homes offer a unique meeting place for children and the elderly.  “We have tested a model in which a nursing home and a day-care centre are located in the same property previously in Espoo. The experience has been exclusively positive, and we are now excited about implementing a care model bridging different generations on a larger scale in Vantaa.  The location of the property in the vicinity of residential areas and shopping centres is excellent for this purpose,” say Lauri Korkeaoja, Director of Communications & PR at Attendo, and Heidi Valio, Regional Manager at Touhula, on behalf of Attendo and Touhula.

YIT has been developing the old Veromies commercial district in the long term. With the new local plan, residential and service premises will now be built in the fastest-growing and renewing area in Vantaa. The hybrid care facility is located between Kehä III ring road and Tikkurilantie in the vicinity of a train station, near Helsinki Airport, Jumbo shopping centre and Flamingo entertainment centre. The Avia Centre office complex developed by YIT is also located in the vicinity, and YIT is additionally planning residential production in the area.

”KOy Avia’s lifecycle homes represent a new kind of care facility, as the property is part of an urban residential area where services can easily be offered also to the surroundings of the assisted living facility,” says Anne Suojoki, who is in charge of the development of the project.

YIT and Hemsö have also had other projects implemented under the framework agreement, of which the Niemenrannan Johannes assisted living facility in Tampere was now handed over to Attendo, which is a tenant in the property, in early December. The value of the project is approximately EUR 10 million, and YIT announced the start-up of the project in December 2016.

For further information, please contact:

Maija Hongas, Manager, Investor Relations, YIT Corporation, tel. +358 50 3900 309, maija.hongas@yit.fi   

Hedi Grass, Transaction Specialist, YIT Construction Ltd, tel. +358 40 7338 821, hedi.grass@yit.fi


Hanna Jaakkola

Vice President, Investor Relations

Distribution: Nasdaq Helsinki, major media, www.yitgroup.com

YIT creates better living environment by developing and constructing housing, business premises, infrastructure and entire areas. Our vision is to bring more life in sustainable cities. We want to focus on caring for customer, visionary urban development, passionate execution and inspiring leadership. Our growth engine is urban development involving partners. Our operating area covers Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland. In 2016, our revenue amounted to nearly EUR 1.8 billion, and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com