YIT and Meridiam chosen by the City of Espoo as the service provider for schools and daycare centres to be built according to a new model

YIT and Meridiam chosen by the City of Espoo as the service provider for schools and daycare centres to be built according to a new model

The City of Espoo, Finland, has chosen a project company formed by YIT Corporation and Meridiam Investments II to take responsibility for the design, construction, financing and maintenance of a number of new schools and daycare centres to be built over the next five years.

The City of Espoo arranged competitive bidding during the past year for a comprehensive service according to the Public-Private Partnership (PPP) model, where the selected service provider will be responsible for the financing, design, construction and maintenance of the project for a period of 20 years. According to the model, Espoo will pay the project company a service fee based on usability.

The project company formed by YIT and Meridiam Investments was chosen as the service provider for the PPP project based on its quality and price bid. The agreement is intended to be signed in the beginning of June 2020.

Eight projects to be built under the partnership

The project includes the following schools and daycare centres in Espoo: Perkkaa school and youth centre, Perkkaa daycare centre, Nauriskaski school, Nöykkiönniitty daycare centre, Pohjois-Tapiola comprehensive school, Kuitinmäki school, and Kilo school and daycare centre. The goal is to open the new schools and daycare centres between 2022 and 2024.

”The PPP project aims for more efficient space utilisation in schools and daycare centres than before, and with this, also new kind of cost-efficiency. For example, the space utilisation in schools has been managed to be raised remarkably without losing the functionality," says Olli Isotalo, Head of Technical and Environment Services, City of Espoo.

”The choice is a great follow-up for our long-term co-operation with the City of Espoo in PPP projects. It also supports our strategy, in which we aim for long-term co-operation and flexible co-operation models with our customers and partners,” says Esa Neuvonen, Executive Vice President, Business Premises, YIT.

“It is great to participate in creating new learning environments for children and young students in Espoo. We also build together at the same time new ways to improve availability and services of the new properties,” emphasizes Jaakko Kouvalainen from Meridiam.

For further information, please contact:

Reijo Yrjölä, Construction Manager, reijo.yrjola@espoo.fi, Premises Department, City of Espoo
Olli Isotalo, Head of Technical and Environment Services, olli.isotalo@espoo.fi, City of Espoo
Esa Neuvonen, Executive Vice President, Business Premises, YIT Corporation, tel. +358 40 500 1003
Jaakko Kouvalainen, project company representative, j.kouvalainen@meridiam.com, tel. +358 40 54 68 073

Distribution: major media, www.yitgroup.com

YIT is the largest Finnish and a 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, Baltic Countries, 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 restated pro forma revenue for 2018 was approximately EUR 3.2 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com