Helsinki, Finland, 2015-05-12 13:00 CEST (GLOBE NEWSWIRE) -- YIT CORPORATION INVESTOR NEWS MAY 12, 2015 AT 2:00 P.M.
YIT sells the Lauttasaari shopping centre in Helsinki, Finland
YIT sells the Lauttasaari shopping centre, Lauttis, in Helsinki to a pan-European property fund Aberdeen European Balanced Property Fund, managed by Aberdeen Asset Management Finland. The total value of the agreement is over EUR 40 million, of which the revenue will be recognised in accordance with the degree of completion and leasing as the construction proceeds.
The construction of the Lauttasaari shopping centre began in 2014, and it will be completed in late 2016. Approximately 75% of the centre’s premises have been leased, the anchor tenants being Kesko, HOK-Elanto and Alko.
The Lauttasaari shopping centre and the residential buildings to be constructed in connection with it are developed according to YIT’s “Kaupunki kylässä” concept. The concept aims for lively centres that are good for living and entrepreneurship alike. It makes urban structures more compact and makes the use of existing infrastructure in line with the principle of mixed use, by combining living, services, and jobs, and relying on modern public transport.
“Creating sustainable urban environments is the guiding principle of YIT’s corporate responsibility. The Lauttasaari shopping centre, Lauttis, is a perfect example of this: the adjacent metro station and traffic will reduce emissions, the proximity of services adds to the convenience of daily life and the excellent location and high technical quality bring residential and business owners financial security,” says YIT’s President and CEO Kari Kauniskangas.
The construction of the shopping centre has proceeded according to schedule. The blasting work has been finished and the frame work has started. The construction of residential apartments to be situated in connection with Lauttis will also begin in the summer. Demand for the apartments has been high, and their pre-marketing will begin in June. The apartments are expected to be completed during 2017.
YIT’s advisor in the transaction was Leimdörfer.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi
Seppo Martikainen, Vice President, Transactions, YIT Construction Ltd, tel. +358 400 460 913, seppo.martikainen@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 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