YIT has signed an agreement to sell an office and logistics property to be constructed in Viinikkala, Vantaa, Finland to Aberdeen European Balanced Property Fund, which is managed by Aberdeen Asset Management. The total value of the contract is approximately EUR 35 million. The project will be completed in spring 2018.
The property is located in K3 Logistics business area, developed by YIT, between the Ring Rail Line, Ring III and Helsinki-Vantaa airport. The tenant of the property of 25,000 square metres will be Wihuri Oy Aarnio.
“We are extremely pleased with our latest acquisition in Finland. It highlights the fund’s strategy of investing in high-quality, low-risk properties with durable income streams”, says Gert-Jan Kapiteyn, Fund Manager of the Aberdeen European Balanced Property Fund.
“The logistics centre of the future continues Wihuri’s long story as a daily goods wholesale operator in a modern way and it completes the extensive K3 business area developed by YIT”, says Heikki Lähdesniemi, Manager of Property Development at YIT.
“Negotiation with the investor and tenant has taken place in very good spirits and we are happy to continue initiating this significant project until it is finalized”, says Timo Lehmus, Head of Real Estate Development business division at YIT.
For further information, please contact:
Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 40 5666 070, email@example.com
Timo Lehmus, Head of Real Estate Development business division, YIT Construction Ltd, tel. +358 400 409 181, firstname.lastname@example.org
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