YIT to build an assisted living facility for the elderly in Espoo, Finland

Investor News 5 July 2013 at 9:00

YIT to build an assisted living facility for the elderly in Espoo, Finland

YIT Construction and Pohjola Asuntorahasto I Ky have signed a contract for the construction of a sheltered housing and assisted living facility in Espoo’s Leppävaara district in Finland. The value of the contract is approximately EUR 12 million and the total value of the project is estimated at EUR 14 million. As the turnkey contractor, YIT is responsible for the design and construction of the facility. Conect Oy will act as the project development and supervision consultant. Construction is scheduled to begin in November-December and the facility is expected to be completed in February 2015.

The total leasable area of the residential building is approximately 3,000 square metres. The first two floors will house group home facilities providing assisted living services. A long-term lease for the premises has been signed with Mainio Vire Oy. The building will also have sheltered housing accommodation in the form of approximately 40 rental apartments for senior citizens on three floors.

Pohjola Asuntorahasto I Ky, a newly established fund managed by Pohjola Property Management Ltd, is a long-term investor focused on implementing diverse housing services primarily through new construction projects.

YIT has previously developed similar special housing facilities, such as care homes, senior citizens’ housing and group homes in various locations in the Helsinki metropolitan area. The company constructed a senior citizens’ home for S-Asunnot Oy in Helsinki’s Alppikylä district. In Tuusula, YIT has renovated two buildings for assisted living, and the buildings are used by Mainio Vire Oy and Palvelukoti Joenranta Oy.

For further information, please contact:

Jarkko Pakkala, Unit Manager, Office Construction Services, YIT Construction Services Finland, tel. +358 40 830 7204, jarkko.pakkala@yit.fi

Markku Mäkiaho, Managing Director, Pohjola Property Management Ltd, tel. +358 50 529 2055, markku.makiaho@pohjola.fi

Kristiina Hautakangas, CEO, Mainio Vire Oy, tel. +358 40 586 7651, kristiina.hautakangas@mainiovire.fi

Jukka Lauri, Managing Director, Conect Oy, tel. +358 500 100 324, jukka.lauri@conect.fi


YIT leads the way in the construction sector by creating more attractive and sustainable urban environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. YIT builds housing, business premises and infrastructure, develops entire areas, and offers residential service concepts for consumers. YIT has over 100 years of experience and a strong market position: it is the largest residential construction company in Finland and the most significant foreign residential construction company in Russia. YIT is also one of the largest business premises and infrastructure construction companies in Finland. YIT has more than 6,000 employees in seven countries. In 2012, the company’s revenue was approximately EUR 2.0 billion. YIT’s shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com