Helsinki, Finland, 2015-03-04 09:00 CET (GLOBE NEWSWIRE) -- YIT CORPORATION STOCK EXCHANGE RELEASE MARCH 4, 2015 AT 10:00 A.M.
YIT to construct apartments for LocalTapiola’s fund worth over EUR 100 million
YIT and LocalTapiola Asuntosijoitus Suomi Ky housing fund have signed a frame agreement on the construction of over 550 non-subsidised rental apartments to Helsinki metropolitan area, Tampere and Turku. The total value of the frame agreement is over EUR 100 million, and project specific agreements will be signed prior to each project start-up. All projects will be started during spring and summer of 2015 and they will be completed by the end of 2016. The projects will be constructed on plots controlled or owned by YIT according to the company’s design. The construction of the projects will not tie YIT’s capital.
“LocalTapiola is increasing the number of its investment properties with high-quality apartments that are easily accessible. The agreed apartments are located by excellent public transport connections”, says Kim Särs, Director at LocalTapiola Real Estate Asset Management.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi
Harri Isoviita, Senior Vice President, Residential Construction, YIT Construction Ltd, tel. +358 40 553 3833, harri.isoviita@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 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