Helsinki, 2013-11-27 14:00 CET (GLOBE NEWSWIRE) -- YIT and Ålandsbanken’s residential property fund have signed an agreement on the sale of 55 apartments in the Helsinki region and other growth centres in Finland. The value of the agreement is just under EUR 12 million. This deal is a continuation of the agreements signed earlier this year, which consisted of the sale of 308 apartments and amounted to over EUR 63 million.
“Ålandsbanken’s residential property fund has achieved great popularity among both small and large investors. The fund makes it easier than ever before for people to become real estate investors. Finding investments that provide a good return at a moderate risk is challenging when market interest rates are near zero. Our residential property fund has produced a good return for its investors since the beginning of the year. The apartments purchased from YIT are a perfect match with the fund’s strategy and we are convinced that they will produce good, stable returns for our investors going forward,” says Antti Valkama, Investment Director of the Ålandsbanken residential property fund.
“We are pleased to continue our strong cooperation with Ålandsbanken and provide high-quality apartments in central locations for use as rental housing. This transaction also helps us to launch new projects and create jobs in the construction industry,” says Harri Isoviita, Senior Vice President for Residential Construction at YIT.
For further information, please contact:
Harri Isoviita, Senior Vice President, Residential Construction, YIT Construction Ltd,
tel. +358 40 553 3833, harri.isoviita@yit.fi
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi
Antti Valkama, Investment Director, Ålandsbanken Asset Management Oy, tel. +358 40 555 6315, antti.valkama@alandsbanken.fi
YIT is a construction industry leader. We create better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over 100 years of experience have secured for us a strong market position: We are the largest housing developer and one of the largest business premises and infrastructure developers in Finland, and the most significant foreign housing and area developer in Russia. Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have more than 6,000 employees in seven countries. In 2012, our revenue amounted to approximately EUR 2 billion. Our 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 solely in housing that is available to all investors. The fund started operations on December 31, 2012. Fund units can be subscribed for and redeemed four times a year. Subscriptions can be made through Ålandsbanken’s network of banks. Realia Management Oy, a nationwide company, is responsible for leasing the apartments.