Helsinki, Finland, 2014-12-18 08:00 CET (GLOBE NEWSWIRE) -- YIT CORPORATION INVESTOR NEWS DECEMBER 18, 2014 AT 9:00 A.M.
YIT to construct apartments worth approximately EUR 50 million for non-UCITS Fund OP-Vuokratuotto
YIT and non-UCITS Fund OP-Vuokratuotto have signed an agreement on the construction of over 300 apartments to growth centres in various locations in Finland. The total value of the agreement is approximately EUR 50 million. The first project will be constructed in Tampere, and work will begin immediately. All the projects will be completed in 2016. The projects are designed by YIT, and will be constructed on plots owned or managed by YIT.
“The agreement continues the excellent cooperation with OP-Vuokratuotto Fund. The projects will bring a relief to the housing shortage in the growth centres. In addition, the positive employment impact of the deal is significant”, says Matti Koskela, Senior Vice President, Building Construction at YIT.
“OP-Vuokratuotto Fund offers its customers an easy way to invest in housing. In addition, we want to provide high-quality apartments to our tenants. The apartments that will be constructed within the framework of the agreement suit the fund’s strategy excellently and at the same time, the deal strengthens further the well-functioning cooperation with YIT”, says portfolio manager Antero Tenhunen from Pohjola Property Management Ltd, which serves as the advisor for the fund.
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, principal media, www.yit.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 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 taking care of our customers, partners and personnel. We have more than 6,000 employees in seven countries. In 2013, our revenue amounted to approximately EUR 1.9 billion. Our share is listed on NASDAQ OMX Helsinki. www.yitgroup.com