The agreement signed by YIT in December 2016 on the sale of Duetto I office building located in Vilnius, Lithuania was finalized today. The buyer is Baltic Horizon Fund, which is a public fund listed on Nasdaq Stockholm and Nasdaq Tallinn Stock Exchanges. The value of the deal is approximately EUR 15 million. The revenue recognition was started in the fourth quarter last year based on the signing date of the sales purchase agreement.
Duetto I office building is 10-storey BREEAM certified building with A energy-efficiency class. The building has 8,300 square metres of leasable area and underground parking facilities for approximately 200 cars. Duetto I building will be completed in March 2017.
Duetto I is located in the same area where YIT has previously built Grand Office building, Prisma hypermarket projects and numerous apartment buildings, along newly opened Vilnius western bypass.
For further information, please contact:
Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 40 5666 070, firstname.lastname@example.org
Peter Forssell, Vice President, Real Estate Development, Central Eastern Europe, YIT Construction Ltd, tel. +358 40 532 2273, 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