Regenero, a joint venture formed by YIT and HGR Property Partners, has acquired Fortum’s headquarters in Keilaniemi, Espoo, Finland
YIT Corporation Investor News October 31, 2017 at 2.00 p.m.
Regenero, a joint venture formed by YIT and HGR Property Partners, has acquired properties in Keilaniemi, Espoo, Finland for a development project. The acquired entity comprises Fortum’s current headquarters, which the company will vacate. YIT’s ownership of the project is not more than 50 per cent. In the plot acquisition phase, YIT will make an investment of approximately EUR 10 million which will be paid in connection with the closing of the deal in the beginning of 2018.
Regenero’s target is to develop the entire Keilaniemi area. Following the project, Regenero will be able to create mix-used urban environment near excellent public transportation connections. The entity comprises the high-rise building and the Keilalampi office building as well as unused residential building right. YIT has the right to purchase the new construction right from Regenero. The operating model of the joint venture includes that YIT will implement the construction work related to the project as a turnkey contract and is responsible for the implementation planning of the project.
The acquisition of the property supports YIT’s strategy to further strengthen project development in growth centres. “The transaction implements YIT’s growth strategy – urban development involving partners – in an excellent manner and demonstrates the strong operational capability of YIT’s and HGR’s joint venture”, says Juha Kostiainen, Senior Vice President for Sustainable Urban Development at YIT and Chairman of the Board at Regenero.
Regenero, founded in 2016, focuses on developing sizeable combined apartment, commercial and business premises projects in the Helsinki Metropolitan Area. The projects to be implemented are of considerable size and situated in key locations close to good transport connections
For further information, please contact:
Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 40 5666 070, email@example.com
Juha Kostiainen, Senior Vice President, YIT Corporation, tel. +358 400 721 475, firstname.lastname@example.org
Vice President, Investor Relations
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT creates better living environment by developing and constructing housing, business premises, infrastructure and entire areas. Our vision is to bring more life in sustainable cities. We want to focus on caring for customer, visionary urban development, passionate execution and inspiring leadership. Our growth engine is urban development involving partners. Our operating area covers Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland. In 2016, our revenue amounted to nearly EUR 1.8 billion, and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com