YIT and LähiTapiola have signed a contract on a project management contract in Turku. The contract covers the demolition of the Hamburger Börs hotel property, which was constructed in the 1970s, and the construction of a new hotel. The value of the contract is approximately EUR 43 million. The project will begin in summer 2019 and will be completed in autumn 2021. The contract will be entered in the order backlog for the year’s second quarter.
The contract will begin with the demolition work of the old Hamburger Börs property. A new hotel building will be constructed in the same location. The architecture of the new hotel will respect the history of Turku Market Square. The new operator of the hotel will be Scandic Hotels.
“It is great to participate in reshaping the cityscape of Turku in such a central location. The more than 100 years of Hamburger Börs’ history will be respected also in the new property. The realisation of the project requires careful planning as the construction site is located right in the heart of Turku”, says Jukka Lämsä, Vice President at YIT.
“The property is being developed in co-operation with YIT and Scandic. The development project is made possible by YIT's strong professional skills as a developer of construction projects and Scandic's strong expertise in operating large center hotels. We will restore Hamburger Börs to its historical value”, states Vesa Eskoli, Real Estate Investment Director at LähiTapiola Real Estate Asset Management.
For further information, please contact:
Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 5666 070, email@example.com
Esa Neuvonen, EVP, Business Premises and Partnership Properties segments, YIT Corporation, tel. +358 (0)40 5001 003, firstname.lastname@example.org
Vice President, Investor Relations
Distribution: NASDAQ Helsinki, major media, www.yitgroup.com
YIT is the largest Finnish and significant North European construction company. We develop and build apartments and living services, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers, our nearly 10,000 professionals are creating more functional, attractive and sustainable cities and environments. We work in 11 countries: Finland, Russia, Scandinavia, the Baltic States, the Czech Republic, Slovakia and Poland. The new YIT was born when over 100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. Our pro forma revenue for 2018 was approximately EUR 3.8 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com