YIT SELLS ICECAPITAL APARTMENTS FOR EUR 37 MILLION
YIT has sold ICECAPITAL Housing Fund II five rental housing projects for EUR 36.6 million. The projects contain 296 apartments in all and are located in different parts of Finland - Nurmijärvi, Mäntsälä, Lahti, Jyväskylä and Kuopio.
Building will commence at once and the projects will be completed on stages by summer 2011. The projects have been financed with interest subsidy loans for a period of 10 years.
The agreement entered into now is based on a preliminary agreement made in November 2008. In the preliminary agreement, YIT and ICECAPITAL agreed on the building of 708 new, privately financed rental apartments in Finland. The combined sales price of the projects belonging to the preliminary agreement is approximately EUR 105 million. In addition, YIT sold ICECAPITAL Housing Fund I two residential building projects in the cities of Espoo and Kuopio in November 2008, for the amount of EUR 14 million.
ICECAPITAL Housing Fund II is a private equity real estate fund investing in rental apartment buildings. It was established in June 2009. The fund's biggest investors are the company pension fund VR Eläkesäätiö, the State Pension Fund, Etera Mutual Pension Insurance Company, Local Insurance Mutual Company, the Finnish Cultural Foundation and the Osuuskunta Tradeka consortium.
”Fund is a safe, long-term owner that aims to secure that the rent apartments remain in that use”, says Hannu Parikka, managing director of ICECAPITAL Real Estate Asset Management II Oy. ”Demand for rent apartments is constantly growing in the largest cities and their surroundings”, says Parikka commenting the success of the first fund investing in rent apartments.
For further information, please contact: Tero Kiviniemi, Head of YIT Construction Services Finland business segment, +358 20 433 2017, email@example.com Hannu Parikka, ICECAPITAL Real Estate Asset Management II Oy, +358 9 6220 5020
Virva Salmivaara Senior Vice President, Corporate Communications
Distribution: principal media, www.yitgroup.com
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.
ICECAPITAL Real Estate Asset Management II Ltd is a company of the independent ICECAPITAL Group, the business operations of which comprise investment banking, asset management, private equity funds as well as securities brokerage.
ICECAPITAL Group employs some 60 industry professionals in Finland and Sweden and manages up to EUR 2.8 billion worth of customer assets.