YIT OFFICE PROPERTY IN ESPOO, FINLAND IS THE FIRST NORDIC INVESTMENT OF THE GRUNDBESITZ EUROPA FUND
INVESTOR NEWS 25 May 2012 at 11:30
YIT OFFICE PROPERTY IN ESPOO, FINLAND IS THE FIRST NORDIC INVESTMENT OF THE GRUNDBESITZ EUROPA FUND
Kiinteistö Oy Safiiri 1, implemented by YIT Construction Ltd., has transferred to the ownership of the German Grundbesitz Europa fund. After the deal, the fund, owned by RREEF (the property fund manager of Deutsche Bank) will own the office property completed in Espoo, Finland in March 2012. The second stage of the property construction has already begun. Once Business Park Safiiri has been completed as total, its value will be about EUR 50 million.
Kiinteistö Oy Safiiri is the first realised property investment of Grundbesitz Europa in the Nordic countries. YIT provided this international fund with a property that meets the fund's strict requirements concerning property location, architecture and tenants.
"We are happy about this new investment with YIT, which will strengthen our standing in the Nordic market. We will continue our search for new investment opportunities for many of our funds," says Martin Weikamp, Director of RREEF Management Gmbh.
Business Park Safiiri will be executed in two phases, and its total scope is about 14,000 m2. The first phase was completed in March 2012 and its main tenants are Outotec Oyj and HUS. The second phase, to be completed in June 2013 and comprising about 5,300 m2, will be built in full for Outotec Oyj. An international Gold level LEED certification is being applied for the project.
Further information:
Seppo Martikainen, Vice President, Transactions, YIT Construction Ltd., tel. +358 400 460 913, email: seppo.martikainen@yit.fi
Jarkko Pakkala, Division Manager, Office Construction Services, YIT Construction Ltd., tel. +358 40 830 7204, jarkko.pakkala@yit.fi
YIT CORPORATION
Kristina Broman
Acting Vice President, Corporate Communications
YIT is celebrating its 100th anniversary in 2012. The company was established in the Grand Duchy of Finland in 1912. Today, YIT is a leading European service company in building systems, construction services and services for industry. Our 26,000 professionals serve customers in 14 countries in the Nordic and Baltic countries, Russia and Central Europe. We have grown together with our customers and developed our services in line with the changes taking place in different societies. We intend to continue on that track. Our vision is to lead the way in creating and maintaining good living environments. In 2011, YIT's revenue was approximately EUR 4.4 billion. YIT's shares are listed on NASDAQ OMX Helsinki. www.yit.fi