YIT to build six apartment buildings for ICECAPITAL in the Helsinki Metropolitan area
YIT and ICECAPITAL Housing Fund III Ky have signed an agreement on the construction of six non-subsidised investment properties in the Helsinki Metropolitan Area. The buildings will consist of more than 300 apartments in total. The value of the agreement is approximately EUR 64 million. Construction will begin in 2014. This deal is a continuation of the agreement signed earlier this year, which consisted of the sale of two housing companies (90 apartments) and amounted to over EUR 16 million.
“The current business transaction will relieve the housing shortage in the Helsinki Metropolitan Area. It also offers us a chance to fulfil the demand by building small and medium-sized apartments and to provide employment in the construction industry,” says Harri Isoviita, Senior Vice President for Residential Construction at YIT.
“The agreement signed with YIT continues the long-term co-operation between our companies. Through this co-operation, our latest fund will execute the housing investments in the Helsinki Metropolitan Area as defined in its investment strategy”, comments Wisa Majamaa, Managing Director of ICECAPITAL.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, firstname.lastname@example.org
Harri Isoviita, Senior Vice President, Residential Construction, YIT Construction Ltd,
tel. +358 40 553 3833, email@example.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 2012, our revenue amounted to approximately EUR 2 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com.
ICECAPITAL is an independent group operating in the Nordic countries with a focus on investment banking and real estate private equity. The ICECAPITAL Group employs approximately 20 professionals in Finland. The parent company of the ICECAPITAL Group, ICECAPITAL Securities Ltd, was founded in 1999 and the real estate private equity operations began in 2006. ICECAPITAL’s third real estate private equity fund that invests in apartments in Finnish growth centres, ICECAPITAL Housing Fund III Ky, was launched in 2012. The total investable capital of the fund is approximately EUR 400 million. www.icecapital.fi