YIT TO IMPLEMENT TWO HIGH-RISE RESIDENTIAL BUILDINGS FOR ICECAPITAL IN ESPOO FINLAND
YIT and ICECAPITAL Housing Fund II Ky have signed a contract on the implementation of two high-rise residential buildings in Espoo, Finland. The total value of the contract is about EUR 14.5 million. YIT will implement one of the buildings by performing a full renovation and a change of purpose for an old office buiding situated at Rastasniityntie 1. The second building is a new one which will be built on the adjacent plot.
"The underutilisation of older office space is an increasing problem, and projects such as this are a prime example of the opportunities related to them. Compared to demolition, reuse is also more sensible economically and for sustainable development," says Jarkko Koivisto, Project Development Manager at YIT Renovation Services.
The buildings will have a total of 81 apartments with a total floor area of about 4,000 square metres. Construction was launched in November 2011 and the buildings will be completed gradually by the end of 2013.
"Through the contract, the property capital funds investing in ICECAPITAL's apartments will enter a new sector. The renovation of the old office building and converting it to apartments is the first of its kind in our property capital funds. We also expect similar projects in the market in the future," says Wisa Majamaa at ICECAPITAL.
For further information, please contact:
Jarkko Koivisto, Project Development Manager, Renovation Services, YIT Construction Ltd., tel. +358 40 557 6829, email@example.com
Wisa Majamaa, Managing Director, ICECAPITAL Real Estate Asset Management II Ltd., tel. +358 40 826 1001, firstname.lastname@example.org
Acting Vice President, Corporate Communications
YIT is celebrating its 100th anniversary in 2012. The company was established in the Grand Duchy of Finland in 1912. Today, YIT is a leading European service company in building systems, construction services and services for industry. Our 26,000 professionals serve customers in 14 countries in the Nordic and Baltic countries, Russia and Central Europe. We have grown together with our customers and developed our services in line with the changes taking place in different societies. We intend to continue on that track. Our vision is to lead the way in creating and maintaining good living environments. In 2011, YIT's revenue was approximately EUR 4.4 billion. YIT's shares are listed on NASDAQ OMX Helsinki. www.yit.fi
ICECAPITAL Housing Fund II Ky is the third property capital fund established and managed by ICECAPITAL. The fund was established in June 2009 and it invests in to-be-built, new or renovated privately financed residential buildings in the capital region and in the regions of Tampere, Oulu, Jyväskylä, Turku, Kuopio, Hämeenlinna, Joensuu, Lahti, Lappeenranta, Vaasa and Riihimäki. The total fund capital is EUR 400 million.