Helsinki, Finland, 2014-06-19 08:00 CEST (GLOBE NEWSWIRE) -- YIT CORPORATION INVESTOR NEWS JUNE 19, 2014 AT 09.00 AM
YIT to improve its capital efficiency by a EUR 50 million plot cooperation
YIT continues to improve its capital efficiency in accordance with its strategy by plot cooperation with Suomen Osatontti Ky and Suomen Osatontti II Ky, residential property funds administered by the Hypo Group. The cooperation agreement has two phases, and the value of the associated plots is about EUR 50 million. Within the agreement, YIT will sell plots and transfer pre-agreements for the purchase of plots to Suomen Osatontti Ky and Suomen Osatontti II Ky. YIT will continue developing its projects on the plots and will pay rent for the plots to the funds. The plots are located in the Helsinki metropolitan area and other Finnish growth centres.
In the first phase, in June, YIT will sell plots with a combined value of about EUR 25 million to the funds. The plots have confirmed city plans, making it possible to start construction when desired. In the second phase, estimated to take place in the second half of 2014, YIT will sell more plots and transfer pre-agreements concerning the purchase of plots, again worth about EUR 25 million, to the funds. The city plans for the plots need to be confirmed before the sales in the second phase can be realised.
“The purpose of the cooperation is to improve the capital efficiency of YIT and to offer customers the chance to buy a new home with less capital. At the same time, the owners of Suomen Osatontti Ky and Suomen Osatontti II Ky will receive stable returns for their investment,” says Matti Koskela, Senior Vice President, Building Construction at YIT.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi
Matti Koskela, Senior Vice President, Building Construction, YIT Construction Ltd, tel. +358 40 557 6520, matti.koskela@yit.fi
YIT CORPORATION
Sanna Kaje
Vice President, Investor Relations
Distribution: NASDAQ OMX, Major media, www.yitgroup.com
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 2013, our revenue amounted to nearly EUR 1.9 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com