YIT starts the construction of an area development project in Prague, Czech Republic. The first phase of the project called Aalto Cibulka will consist of approximately 250 apartments with total living area of almost 15,000 sm2. The value of the first phase is approximately EUR 50 million, and it will be completed by summer 2019. The start-up was recorded in the first quarter of the year.
Aalto Cibulka is located in a wanted residential area in the 5th district of Prague, close to the city centre with good public transportation connections. The value of the whole area project is over EUR 80 million and it will consist of over 400 apartments that will be constructed in 2 to 3 phases.
YIT has also acquired a plot for a residential project in Prague in order to grow its residential business in the CEE countries. The plan is to build approximately 50 apartments and the construction is estimated to begin in August 2017. The plot is located in the in the 11th district with good transportation connections.
For further information, please contact:
Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 40 5666 070, email@example.com
Tom Sandvik, Head of the Baltic countries and Central Eastern Europe business division, tel. +358 400 617 807, 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 2016, our revenue amounted to nearly EUR 1.8 billion, and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com