YIT and BPT form strategic partnership to develop commercial real estate in Russia
Finnish-based international developer YIT and BPT have signed a strategic partnership agreement focused on the emerging opportunities on the Russian real estate market. The two companies will cooperate on identifying, developing and implementing commercial real estate projects in Moscow and the Moscow region. The long-term objective of the partnership is to secure a strong platform for developing commercial real estate in the Russian capital, in particular within the retail and office segments. The partnership agreement does not involve commitment on pre-agreed financial volumes.
As one of the leading construction companies and providers of building systems services in the Nordic countries, Central Europe, Russia and Baltic countries, YIT, represented by its affiliate YIT Properties, will provide technical due diligence and consultancy services with respect to potential projects and will be the first choice partner in the development of projects deemed attractive by both partners. BPT will draw on its successful track record of investments and investment management in Central and Eastern Europe to deliver asset management services along with equity and financial solutions, including its already existing Russian investment fund BPT Arista SICAV-SIF and other channels.
“The Russian real estate market is deeply distressed at the moment and it takes strong partnerships to overcome this challenge. We want to be part of the solution. At the same time, the current situation also offers unique opportunities to secure the best locations and projects, and we know that together with a prominent player like YIT we can add significant value to the market thus securing future growth for our investors”, says BPT founder Lars Ohnemus.
“As a company with vast experience in the Russian construction business and a solid international background, YIT sees an exceptional opportunity to expand its commercial real estate operations by joining forces with such a well-respected investment partner as BPT”, says Victor Verma, YIT Properties General Manager.
For further information, please contact: Kari Kauniskangas, Head of International Construction Services business segment, tel. +358 40 519 0198, email@example.com Victor Verma, YIT Properties General Manager, tel. +7 495 258 82 55, firstname.lastname@example.org Lars Ohnemus, founder of BPT, tel. +45 33 69 07 33, email@example.com
Virva Salmivaara Senior Vice President, Corporate Communications
YIT is a leading European service company in building systems, construction services and services for industry. We build, develop and maintain quality living environments in the Nordic countries, Russia, the Baltic countries and Central Europe. In 2008, YIT's turnover was EUR 3.9 billion. The Group has about 25,000 employees. YIT's share is listed on NASDAQ OMX Helsinki. YIT Properties was founded as YIT's affiliate for commercial real estate development in Moscow and regions.
BPT is an international real estate asset manager specializing in Central, Eastern and Northern Europe. BPT offers a range of property funds totalling more than EUR 800 million in assets under management. The investment capacity spans the entire Baltic Sea. The portfolio consist of approximately 500,000 square metres of prime commercial real estate, primarily retail and office buildings. BPT is headquartered in Copenhagen with local offices in Berlin, Tallinn, Riga, Vilnius, Gdansk, Warsaw, Moscow and St. Petersburg. The company has approximately 100 employees.
Distribution: Principal media, www.yitgroup.com