YIT has sold third housing project in Bratislava, Slovakia to YCE Housing I fund
YIT Corporation Investor News November 2, 2017 at 1:00 p.m.
YIT continues co-operation with YCE Housing I fund by selling a housing project in Bratislava, Slovakia. The project is the third phase of YIT’s largest area project in Bratislava called Nuppu. The value of the phase is over EUR 13 million. The project to be completed in summer 2019 will comprise approximately 110 apartments.
Nuppu is located in Ruzinov district within walking distance from the city’s business district and just 10 minutes from the city centre. Approximately 1,000 apartments will be constructed in the project in total.
Nuppu III is YIT’s sixth project sold to YCE Housing I fund and third project sold to the fund in Bratislava. YCE Housing I fund supports YIT’s growth strategy in the CEE countries. By selling part of its project pipeline to YCE Housing I fund, YIT can release capital from projects under execution for new earlier-stage developments. During the next years, the fund is expected to carry out over ten projects and approximately one thousand apartments to be sold primarily to private buyers by YIT acting as an agent. YIT recognises profit generated by the fund according to its ownership share.
The investors in the fund are YIT (40%), Etera (30%) and a group of Finnish private investment companies. The fund’s equity is approximately EUR 37 million and it is managed by Vicus Capital Advisors Limited, a company with long experience of real estate investment and development activities in Eastern Europe and Russia.
For further information, please contact:
Hanna Jaakkola , Vice President, Investor Relations, YIT Corporation, tel. +358 40 5666 070, email@example.com
Tom Sandvik, Head of the Baltic countries and Central Eastern Europe business division, tel. +358 400 617 807, 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