Helsinki, 2013-09-17 09:00 CEST (GLOBE NEWSWIRE) -- YIT CORPORATION INVESTOR NEWS 17 September 2013 at 10:00 a.m.
YIT sells 87 apartments to Ålandsbanken’s housing fund for more than EUR 20 million in Finland
YIT and Ålandsbanken’s housing fund have signed an agreement on the sale of 87 apartments in the Helsinki region and other growth centres in Finland. The value of the agreement is more than EUR 20 million. This deal is a continuation of the agreement signed in February, which consisted of the sale of 221 apartments and amounted to EUR 43 million.
“We are happy to have the chance to continue our collaboration with Ålandsbanken’s housing fund for which there is good demand. It is great that we can provide Ålandsbanken’s fund and its tenants with new apartments in locations where demand for rental housing exceeds supply. This deal gives us an opportunity to start up new projects and offer jobs in the construction industry throughout Finland,” says Matti Koskela, Senior Vice President at YIT.
Antti Valkama and Stefan Wiklund, Directors of the Ålandsbanken Asuntorahasto fund, state that the deal complements the existing rental housing portfolio of the fund excellently:
“We are confident that there is good demand for these apartments and that the deal will create added value for the fund’s investors. In addition, we are happy to see that the operations of the fund stimulate the Finnish economy. Since the beginning of the year, the fund has utilised its funds to generate approximately 2,000 person-years of work in Finland.”
For further information, please contact:
Matti Koskela, Senior Vice President, Building Construction, YIT, tel. +358 40 557 6520, firstname.lastname@example.org
Harri Isoviita, Senior Vice President, Residential Construction, YIT, tel. +358 40 553 3833, email@example.com
Antti Valkama, Investment Director, Ålandsbanken Asset Management Oy, tel. +358 40 555 6315, firstname.lastname@example.org
Stefan Wiklund, Director, Ålandsbanken Asset Management Oy, tel. +358 40 500 9155, email@example.com
Tom Pettersson, Managing Director, Ålandsbanken Rahastoyhtiö Oy, tel. +358 204 291 266, firstname.lastname@example.org
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 the NASDAQ OMX Helsinki. www.yitgroup.com
The Ålandsbanken Asuntorahasto Erikoissijoitusrahasto fund is the first non-UCITS fund in Finland to invest solely 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 apartments. Ålandsbanken was established in 1919 and it has been listed at Helsinki Stock Exchange since 1942. Ålandsbanken creates value for private and corporate customers that appreciate personal service, by combining the service offering of a major bank with the care and common sense of a small bank. The Group has approximately 700 employees at its offices in Åland, mainland Finland and Sweden. Ålandsbanken Group’s balance sheet total is EUR 3.6 billion.