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    YIT   FI0009800643

YIT OYJ

(YIT)
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Delayed Nasdaq Helsinki  -  11:29 2022-08-08 am EDT
3.316 EUR   +1.34%
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YIT Oyj : , HGR and Ilmarinen have established a joint venture regarding real estate development activities in Keilaniemi

06/28/2022 | 05:01am EDT

YIT, HGR Property Partners ja Ilmarinen Mutual Pension Insurance Company have established a joint venture called Keilaniemen Kiinteistökehitys Strike Ky (later Strike) for the development of significant real estate projects in Keilaniemi. The development projects of Regenero, which is HGR's and YIT's joint venture, as well as part of Ilmarinen's development projects in Keilaniemi have been transferred to the new joint venture.

"The joint venture supports the execution of YIT's new strategy. In addition to our investment, YIT will function as the turnkey contractor in the development projects. The Keilaniemi area is one of the strongest office areas in Helsinki Metropolitan Area and it is great to continue to be involved in the development of the area.," says Ilkka Tomperi, EVP, Property Development at YIT.

"The Keilaniemi submarket in Espoo is one of the central areas Ilmarinen has chosen to allocate domestic real estate investments. Through the joint venture, Ilmarinen has a more significant role in the development of Keilaniemi and has access to profitable large-scale investments in the early stages of development projects. Ilmarinen brings its expertise as a sustainable developer and long-term investor to the joint venture," comments Tomi Aimonen, Head of Domestic Real Estate Investments at Ilmarinen.

"HGR and YIT have previously shown their capabilities to develop successful real estate projects with high quality premises in the Keilaniemi area through their joint venture Regenero. Ilmarinen, as a long-term institutional investor in Keilaniemi, will bring its own expertise in sustainable development to the joint venture, further improving the conditions for successful real estate projects in the Keilaniemi area for years to come," remarks HGR Property Partners' Chairman of the Board Kari Helin.

For further information:
Tommi Järvenpää
, Vice President, Investor Relations, YIT, tel. +358 40 576 0288, tommi.jarvenpaa@yit.fi
Ilkka Tomperi, Executive Vice President, Property Development, YIT, tel. +358 (0)44 743 7536, press@yit.fi

YIT Corporation

Tommi Järvenpää
Vice President, Investor Relations

Distribution: Nasdaq Helsinki, major media, www.yitgroup.com

YIT is the largest Finnish and a significant North European development and construction company. For 110 years, we have been creating better living environments for our customers: functional homes for sustainable living, future-proof public and commercial buildings and infrastructure for smoother flow of people, businesses and society. We employ 5,500 professionals in nine countries: Finland, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2021 was EUR 2.7 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com

Disclaimer

YIT Oyj published this content on 28 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2022 09:00:03 UTC.


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