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YIT starts negotiations to withdraw from the Trigoni project

12/22/2021 | 01:31am EDT

The Trigoni project in the Pasila high-rise area will unlikely be implemented as planned. YIT, the City of Helsinki and Senate Properties have decided together to start negotiations on terminating the Trigoni contract.

In 2019, YIT signed a contract with the City of Helsinki and Senate Properties on the implementation of the first phase of the Trigoni project and on the purchase of the start-up area. The first phase has included two high-rise buildings with residential and business premises. According to the contract, YIT was responsible for the design, development and implementation of the start-up area in the Pasila high-rise district. The parties have cooperated actively to develop the solution and plans. 

"It is sad that we will have to give up the Trigoni project, although we put considerable effort into it. Based on our calculations, it has become evident that the implementation of the Trigoni project is not economically viable. We have tried to develop the plans further in good cooperation with the city. However, based on the originally ambitious plans, further development also has its limitations. The small plot and the triangular high-rise buildings proved to be a particularly challenging combination. Also, the strong increase in building costs and the financial consequences of COVID-19 pandemic on the property market, demand among tenants and the views of investors influenced our final decision to start negotiations to withdraw from the project," says Ilkka Tomperi, EVP, Property Development at YIT. 

Related to uncertainties in the Trigoni project, YIT will write down project's planning costs of EUR 15 million in the fourth quarter of 2021. The write down does not affect YIT's guidance for 2021 which was updated on November 23, 2021.

For almost 15 years, YIT has been strongly involved in the development and construction of the renewed Pasila district in Helsinki. The central district is important for YIT, and the company wants to be involved in its development also in the future.

For further information, please contact:
Tapio Salo, SVP, Property Development and Management, YIT Corporation, tel. +358 (0)50 505 2608, tapio.salo@yit.fi
Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 576 0288, tommi.jarvenpaa@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. With a strong customer focus and clear mission to create better living environments, we develop and build functional homes for sustainable living, future-proof public and commercial buildings and infrastructure for smoother flow of people, businesses and society. We employ 7,400 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2020 was EUR 3.1 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com


(c) 2021 Cision. All rights reserved., source Press Releases - English

Stocks mentioned in the article
ChangeLast1st jan.
PROPERTY DEVELOPMENT PLC 0.19% 132.5 End-of-day quote.-0.75%
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