YIT has sold an apartment building project to a private cooperative in Prague. The sold apartments are a part of the second phase of Suomi Hloubětín project. The agreement comprises 90 apartments with low energy consumption in three buildings. The total value of the agreement is approximately EUR 10 million. Construction of the project will start at the last quarter of 2016 and it will be completed in summer 2018.
Cooperative housing has a long tradition in the Czech Republic. The cooperative buys the building and arranges for the financing of the project. A consumer may join the cooperative by paying a membership fee which entitles him or her to an apartment.
By selling the project to co-operative YIT is able to speed up the development of the large area project to improve capital efficiency. YIT has sold a project to the same private cooperative in 2015.
For further information, please contact:
Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 40 5666 070, firstname.lastname@example.org
Tom Sandvik, Head of the Baltic countries and Central Eastern Europe business division, tel. +358 400 617 807, email@example.com
Vice President, Investor Relations
Distribution: NASDAQ Helsinki, major media, www.yitgroup.com
YIT creates better living environment by developing and constructing housing, business premises, infrastructure and entire areas. Our vision is to bring more life in sustainable cities. We want to focus on caring for customer, visionary urban development, passionate execution and inspiring leadership. Our growth engine is urban development involving partners. Our operating area covers Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland. In 2015, our revenue amounted to nearly EUR 1.7 billion, and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com