Helsinki, 2013-02-27 11:00 CET (GLOBE NEWSWIRE) --
YIT sells apartments in the Helsinki region and growth centres to Ålandsbanken’s housing fund
YIT and Ålandsbanken’s new housing fund have signed an agreement on the sale of 221 apartments in the Helsinki region and other growth centres in Finland. The value of the agreement is approximately EUR 43 million.
“We are happy to be the first party to collaborate with Ålandsbanken’s new housing fund. It is great that a new nationwide player has entered the market and housing supply can be increased where there is demand for rental housing. This deal gives us an opportunity to start up new projects and offer jobs in the construction industry,” says Harri Isoviita, Senior Vice President at YIT.
Ålandsbanken launched a new housing fund, which is also intended for private investors, at the beginning of the year.
“Starting collaboration with the largest residential construction company in Finland is a significant first step, and this deal will give us a well allocated housing portfolio within a short time frame. This deal will lay a solid foundation for future growth. Demand for rental housing in the Helsinki region and growth centres is strong, and we estimate that growth in demand will continue. The market reception to the new fund has been positive, and the fund’s investment capital already amounts to approximately EUR 55 million,” says Antti Valkama, Investment Director at Ålandsbanken.
For further information, please contact:
Harri Isoviita, Senior Vice President, Residential Construction, YIT Construction Services Finland, tel. +358 40 553 3833, firstname.lastname@example.org
Matti Koskela, Senior Vice President, Building Construction, YIT Construction Services Finland,
tel. +358 40 557 6520, email@example.com
Antti Valkama, Investment Director, Ålandsbanken Asset Management Ab, tel. +358 204 293 732, firstname.lastname@example.org
Stefan Wiklund, Director, Ålandsbanken Asset Management Ab, tel. +358 204 293 733, email@example.com
Tom Pettersson, Managing Director at Ålandsbanken Fondbolag Ab, tel. +358 204 291 266, firstname.lastname@example.org
YIT is an established European service company in building systems and construction as well as in industrial sectors. More than 25,000 of our professionals serve clients in 14 countries in the Nordic countries, Central Europe, Russia and the Baltic countries. We have grown over the last hundred years with our clients and developed our services as the communities surrounding us have changed. We intend to continue following the same path. Our vision is to be the pioneer in creating and sustaining a healthy living environment. YIT’s net sales amounted approximately to EUR 4.7 billion in 2012. YIT's share is listed on Nasdaq OMX Helsinki. www.yitgroup.com
The Ålandsbanken Asuntorahasto Erikoissijoitusrahasto fund is the first non-UCITS fund in Finland to invest in housing that is available to all investors. The fund started operations on December 31, 2012. Fund units can be subscribed and redeemed four times a year. Realia Management Oy, a nationwide company, is responsible for leasing the residential units.