YIT to build the first stage of a new business district in Riga, Latvia

YIT Corporation Investor News 14 March 2023 at 3:30 p.m.

YIT Preses Nama Riga
YIT Preses Nama Riga

YIT and Lords LB Special Fund V have signed a contract on the construction of the first stage of a new business district named Preses Nama Kvartāls in Riga in Latvia. YIT will be the general contractor of the project. The parties have agreed that the total value of the contract will not be published. The work will begin in March 2023 and the project is scheduled to be completed by the end of 2024.

The new business district named Preses Nama Kvartāls will be developed and implemented in three stages. The first stage of the development includes the construction of a business centre and a multifunctional centre. The 11-story class-A business centre will have 26,000 m2 floor area, and there will be office spaces for approximately 2,600 employees. The business centre will meet the BREEAM Excellent certificate standard, and it qualifies as a near zero energy building.

The business centre will be connected to a large multifunctional centre through a glass atrium. The multifunctional centre will have a total area of 40,000 m2, which will combine retail, sports, medical services and dining areas. On the roof of the fifth floor, there will be the first football field in the Baltics placed on a rooftop, next to which there will be a green terrace and a cafe. The multifunctional centre will also have 300 guarded bicycle sheds, and three-level above-ground parking with a total of 1,000 parking spaces, including electric car charging stations.

The architect bureau Arhis Arhitekti has created the overall vision of the first stage of the development and the multifunctional centre. The business centre has been designed by Arrow Architects.

Further information:
Samu Heikkilä, Investor Relations Manager, YIT, tel. +358 44 581 7979, samu.heikkila@yit.fi
Tom Ekman, EVP, Business Premises segment, YIT, media inquiries through Group Communications, tel. +358 44 743 7536, press@yit.fi

YIT Corporation

Tuomas Mäkipeska

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

YIT is the largest Finnish and a significant North European development and construction company. We develop and build sustainable living environments: functional homes, future-proof public and commercial buildings, infrastructure for smooth mobility, and renewable energy solutions to benefit the climate. We employ around 5,000 professionals in nine countries: Finland, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2022 was EUR 2.4 billion. YIT Corporation's share is listed on Nasdaq Helsinki. Read more: www.yitgroup.com