Helsinki, Finland, 2015-03-03 10:30 CET (GLOBE NEWSWIRE) -- YIT CORPORATION STOCK EXCHANGE RELEASE MARCH 3, 2015 AT 11:30 A.M.
The city plan regarding the Tripla project in Central Pasila becomes legally valid
Helsinki City Council approved the city plan of Pasila’s Central Block in January 2015 and the appeal period terminated on Monday March 2, 2015. Due to no appeals during the appeal period, the city plan for the area will become legally valid on Friday March 6, 2015.
Therefore, the Tripla project will proceed as scheduled. A building permit for the first phase of the project, the parking hall, will be applied for in June, and the intention is to begin the construction of Tripla in the end of 2015 after the investor or investors in the project have been confirmed. According to discussions with investors and potential tenants, the interest towards the project has been encouraging. Construction work in the area has already begun with infrastructure work, such as the new bridge in Pasila, carried out as contracts.
“The cooperation with the City of Helsinki and the government agencies has gone very well, which has enabled the project to proceed even ahead of schedule. We are excited that along with the validation of the city plan we are able to move forward with the project as planned”, says Tapio Salo, project director of the Tripla project at YIT.
The Tripla project to be constructed in Central Pasila is comprised of three versatile blocks with, for instance, a shopping mall, offices, a hotel and apartments. The total value of the project is approximately EUR 1 billion, and it will be constructed in phases over approximately 10 years. YIT will purchase the building rights planned for the area in phases as the construction progresses. 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. YIT announced that it had won the design and implementation tender for the Central Pasila Centre on September 3, 2013.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi
Tapio Salo, Senior Vice President, Tripla, YIT Construction Ltd, tel. +358 50 505 2608, tapio.salo@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 nearly 6,000 employees in seven countries. In 2014, our revenue amounted to around EUR 1.8 billion. Our share is listed on NASDAQ OMX Helsinki. www.yitgroup.com