YIT to build a hybrid project worth approximately EUR 80 million in Lauttasaari, Helsinki

YIT to build a hybrid project worth approximately EUR 80 million in Lauttasaari, Helsinki

YIT has signed an agreement to buy the entire share capital of the Lauttasaari mall located in Lauttasaari, Helsinki. The existing mall, completed in 1970, will be demolished and replaced by a hybrid complex consisting of a shopping centre and three blocks of flats on top of the shopping centre. The complex will also include an underground parking facility. The total value of the project is approximately EUR 80 million. The project is scheduled to start this year and the estimated time of completion is spring 2017.

The new shopping centre will have about 6,000 square metres of retail space. Agreements with anchor tenants for the shopping centre are already in place and the goal now is to find an investor for the project. The six-storey blocks of flats will house about 140 flats with a total floor area of nearly 10,000 square metres. The parking facility will have about 230 spaces.

‘Our intention is to build a modern regional shopping centre which will significantly improve the service offering in the neighborhood. The shopping centre is ideally located above the Lauttasaari metro station which will be completed in 2016. The mall will have a direct connection with the station. The underground parking facility is meant for residents, customers and commuters,’ says Timo Lehmus, head of Business Premises business division at YIT.

Images of the project can be found here: http://yit.materialbank.net/NiboWEB/YIT/showCartPublicContent.do?uuid=5592539&random=619926&lang=en

For additional information, please contact:

Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi

Timo Lehmus, Head of Business Premises business division, YIT Construction, tel. +358 400 409 181, timo.lehmus@yit.fi

Distribution: NASDAQ OMX, principal media, www.yitgroup.com

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 2013, our revenue amounted to nearly EUR 1.9 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com