YIT to sell its Workery+ operations to Workland

YIT Corporation Press Release 31 July 2023 at 2 p.m.

Workery Workland
Workery Workland

YIT has signed an agreement to sell its Workery+ coworking business in Finland to WL Finland Oy, which is part of the Workland Group. The Workland Group, originating from Estonia, is the leading provider of serviced office and coworking solutions in Baltics. The transaction includes the Workery+ operations in Esplanadi, Keilaniemi and Teurastamo in Helsinki Metropolitan area. In connection with the transaction, seven Workery+ employees will transfer to Workland. The parties have agreed not to disclose the terms of the transaction. 

Modern business concept Workery+ has been developed in 2020 as YIT’s response for the changing needs of businesses, offering innovative commercial properties combined with remote workstations. The shared workspaces in excellent locations have been promoting better working conditions through flexibility, comfort and good services.

“In line with our strategy, YIT focuses on its core business of construction and urban development and seeks ways to operate more efficiently. Workland is well positioned to continue to develop the Workery+ business as part of their leading coworking operations in the Baltic countries and can offer the best path forward for customers and employees. I want to thank our team for their dedication and hard work at Workery+,” said Timo Lehmus, SVP, Real Estate Development, YIT.

Workland offers coworking spaces and offices in Tallinn, Riga, Vilnus and Kaunas. Workland has grown to be the market leader in Baltics. Its biggest shareholder is investment company BaltCap.  

“Entering the Finnish market is a significant milestone for Workland. This move is in line with our ongoing commitment to growth in the Nordic countries and providing our members with an expansive, dynamic network. The current staff at the Workery+ locations will continue at Workland, ensuring continuity and support for members. By welcoming Workery+ members to the Workland family, we are not only expanding our network but also providing more opportunities for businesses to thrive in this evolving work environment”, said Indrek Hääl, Founder and CEO of Workland.

The sale is part of YIT’s transformation program launched in February 2023 and will not have material impact on YIT’s operating profit. 

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For further information:
Timo Lehmus, SVP, Real Estate Development, YIT, media inquiries through Group Communications, tel. +358 44 743 7536, press@yit.fi 
Indrek Hääl, Founder and CEO, Workland, tel. +372 50 43555, indrek.haal@wrkland.com
Kristina Broman, Senior Communication Manager, Group Communications, YIT, tel. +358 40 840 3166, kristina.broman@yit.fi 

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

Workland is the leading serviced office and coworking solutions provider with a strong presence in the Baltic region. Workland network consists of 16 locations in Helsinki, Espoo, Tallinn, Riga, Vilnius and Kaunas. Workland's mission is to offer inspiring workspaces with professional services, flexible terms and a community that supports business growth. The largest shareholder of Workland is BaltCap, the largest private equity investor in the Baltics, along with the company's founder and executive management. Read more: www.wrkland.com