YIT sells its stake in Sia LiveOn co-investment vehicle in Latvia
YIT has sold its stake in Sia LiveOn co-investment vehicle in Latvia. The buyer is Vienna Insurance Group’s (VIG) subsidiary LVP Holding GmbH. YIT and VIG’s other subsidiary, BTA Baltic Insurance Company AAS, established the co-investment vehicle in 2021. The company invests in rental apartments located in the Baltic countries. Sia LiveOn was YIT’s associated company in which YIT held a 30% stake. Sia LiveOn owns four apartment blocks built by YIT in Estonia, Latvia, and Lithuania. The parties have agreed not to disclose the transaction price.
"Sia LiveOn’s four properties have recently been completed and now is a good time to divest our stake. The collaboration with BTA Baltic Insurance Company and Vienna Insurance Group has worked very well. The companies aim to be long-term owners in Baltic countries and this investment fits in well with their objective. The transaction is part of our previously communicated target to improve capital efficiency and we are pleased with its positive impact on our financial position”, said Tuomas Mäkipeska, CFO, YIT Corporation.
The sale is part of YIT's transformation program, one of the objectives of which is to improve YIT’s capital efficiency. The company has initiated a strategic review regarding certain assets and operations to secure the best possible value creation. The review concerns assets and operations such as YIT’s wind power development portfolio, infrastructure operations in Sweden, and selected investments, including YIT’s ownership stake in Tripla Mall.
For further information:
Tuomas Mäkipeska, CFO, YIT, media enquiries through Group Communications, tel. +358 44 743 7536, firstname.lastname@example.org
Maija Taimi, SVP, Communications, YIT, tel. +358 50 487 1561, email@example.com
YIT is the largest Finnish and a significant North European development and construction company. We develop and build sustainable living environments: functional homes, future-proof public and commercial buildings, infrastructure for smooth mobility, and renewable energy solutions to benefit the climate. We employ around 5,000 professionals in nine countries: Finland, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2022 was EUR 2.4 billion. YIT Corporation's share is listed on Nasdaq Helsinki. Read more: www.yitgroup.com