Helsinki, Finland, 2013-09-03 08:00 CEST (GLOBE NEWSWIRE) -- YIT CORPORATION STOCK EXCHANGE RELEASE 3 September, 2013 at 9 a.m.
YIT PROPOSED AS THE BUILDER OF THE CENTRAL PASILA CENTRE IN FINLAND
An evaluation team appointed by the City of Helsinki and the Finnish state is proposing that YIT be named as the winner of the design and implementation tender for the Central Pasila centre in Helsinki, Finland. The results of the competition will be confirmed by way of a decision of the Helsinki City Council, the Board of Directors of Senate Properties and the Parliament of Finland during 2013.
YIT’s tender proposal includes the new Tripla centre to be built in the railway yard area to be freed up in the Central Pasila area, which will combine East and West Pasila. Building rights of approximately 183,000 square metres will be zoned in the area, and the total value of the project is approximately EUR 1 billion. The construction of the project will begin when the local plan is confirmed, which is estimated to take place in 2015, and it will be implemented in phases over approximately 10 years. The project will employ almost 900 persons per year at the site at most, not forgetting other favourable indirect effects.
The new diverse Tripla centre, which is designed to be comfortable in terms of functionality and landscape, will feature offices, shops and a conference centre, housing, hotel, multipurpose arena and a terminal for public transport. The centre is located in a logistics traffic node, with the area bordering Ratapihantie, Pasilansilta and Pasilankatu.
YIT will purchase the building rights planned for the area in phases as the construction progresses, meaning that the funding need is moderate. The actual property transaction will be completed once the local plan has been confirmed. The project will be financed using ordinary financing instruments as the project progresses, and it will not require special financing arrangements. The turnover of the project will be recognised as income mainly in 2016-2020 according to current estimates. The planning and negotiation phase of the major long-term project has taken into account the fact that construction schedules can be adjusted should the market situation require.
Ecological criteria were a key requirement in the implementation and design competition. Environmental friendliness and energy efficiency have been the starting points in the planning. Park areas and green roofs cover one third of the roof area. Ecological transportation is supported by parking places for 3,400 bicycles and charging stations for almost 400 electric cars. Waste collection will be realised using a central vacuum waste system. A life cycle coordinator will be responsible for the realisation of the criteria in all of the project phases.
The concept of YIT’s competition entry has been created by the Dutch architects Office for Metropolitan Architecture (O.M.A.). The Finnish architect and main designer of the project is Inter-Arch Architecture Oy.
“The project is huge, technically demanding and diverse. YIT has solid experience in large projects and comprehensive competence for exactly this kind of project. It is great to be able to implement the most important urban development project in central Helsinki. In the competition phase, we have invested particularly in design and risk management. We are certain that there will be interest in the project among various parties, from residents and service providers to investors and financiers,” says Kari Kauniskangas, President and CEO of YIT.
During the last eight years, YIT has also been building the neighbouring new Vallilan Konepaja district in Helsinki. The plan is to construct approximately 1,300 residential units, of which 480 are completed, for a total of 2,500 residents. With the Central Pasila project, YIT continues the reform of central Helsinki in a natural way.
A press conference related to the project will be held on Tuesday, 3 September at 10 a.m. at the Helsinki City Hall in the City Board’s meeting room at Pohjoisesplanadi 11-13, Helsinki.
Images to be downloaded: http://yit.materialbank.net/NiboWEB/YIT/showCartPublicContent.do?uuid=4826183&random=639427&lang=en
For further information after the press conference, please contact:
Timo Lehmus, Division Manager, Business Premises, YIT, tel. +358 400 409 181, timo.lehmus@yit.fi
Timo Lehtinen, Chief Financial Officer, YIT, tel. +358 45 6700 626, timo.lehtinen@yit.fi
YIT CORPORATION
Timo Lehtinen
CFO
Distribution: NASDAQ OMX, main media, www.yitgroup.com
YIT leads the way in the construction sector by creating more attractive and sustainable urban environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. YIT builds housing, business premises and infrastructure, develops entire areas, and offers residential service concepts for consumers. YIT has over 100 years of experience and a strong market position: it is the largest residential construction company in Finland and the most significant foreign residential construction company in Russia. YIT is also one of the largest business premises and infrastructure construction companies in Finland. YIT has more than 6,000 employees in seven countries. In 2012, the company’s revenue was approximately EUR 2.0 billion. YIT’s shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com