YIT buys a plot in Gdańsk, expanding its operations in Poland to a new city

YIT CORPORATION Press release, September 12, 2019, at 12:55 p.m. 

Gdansk YIT
Gdansk YIT

YIT has bought an approximately 1.55-hectare plot near the historical centre of Gdańsk, Poland, next to the European Solidarity Centre. YIT is planning a nearly 40,000 m² mixed-use project for the plot, comprising business premises and apartments for sale and to let.

The project will be executed in several stages. The total sales value of the project is in excess of EUR 100 million.

YIT started its operations in Poland in 2015. Until now the company has operated only in Warsaw.

“Gdańsk is an important new initiative for YIT. As one of Poland’s fastest developing cities, Gdańsk boasts a healthy number of universities as well as a developing IT and financial administration service sector. Thanks to the project in Gdańsk, our Business Premises segment will also kick off its operations in Poland by developing its first office project,” explains Tom Sandvik, EVP, YIT.

Roughly half of the sellable area of the Gdańsk project will comprise business premises.

YIT started to build its first residential apartment buildings in Poland in the Mokotów district of Warsaw in the spring of 2016. At the moment, YIT has approximately 3,000 apartments completed, under construction or in preparation phase in Poland, out of which roughly 300 have been finished and several hundred are under construction.

In quickly urbanising Poland, Gdańsk is one of the fastest growing urban centres, together with Warsaw, Krakow, Wrocław and Poznan. With a population of 500,000, Gdańsk has a low unemployment rate of approximately 2.5%, whereas the average unemployment rate in Poland is roughly 6%. Together with Gdynia and Sopot, Gdańsk forms Tri-City economic area with a total population of 1.1 million residents.

In 2018, Gdańsk’s newly constructed apartment market size was more than 8,500 apartments.

For further information, please contact:
Tom Sandvik, EVP, Housing the Baltic Countries and CEE, YIT Finland Ltd, tel. +358 (0)40 561 7807, tom.sandvik@yit.fi   
Johanna Savolainen, Communications Manager, YIT Corporation, tel. +358 (0)44 305 4594, johanna.savolainen@yit.fi

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