YIT starts its first residential project in Warsaw, Poland
YIT CORPORATION Investor News May 17, 2016 at 1:00 p.m.
YIT starts the construction of an apartment building project in Warsaw’s Mokotów district in Poland. The project is YIT’s first residential project in Poland and at the same time the first Finnish residential project to be built in the country. The apartment building to be started is the first phase of a project called Nordic Mokotów, and the first phase will comprise 125 apartments. The value of the first stage is approximately EUR 13 million and it will be completed in autumn 2017. The Nordic Mokotów project will comprise a total of around 300 apartments with sellable area of close to 18,000 square metres, and it will be executed in three phases.
The project is located in a green and peaceful residential area around six kilometres from both the centre of Warsaw and the airport. There are versatile services in the surroundings including shopping malls, leisure facilities, kindergartens and schools. The public transportation connections are also excellent.
”We’re offering comfortable apartments with great location in Warsaw. We want to distinguish ourselves by offering Nordic design, wooden terraces, private underground parking spaces for EV and hybrid cars, and the opportunity to install saunas in the apartments. Thus, I believe that the interest towards our apartments will be on a high level”, tells Tomasz Konarski, Managing Director of YIT’s Polish subsidiary.
YIT’s Polish unit was established in autumn 2015 to tap into the opportunities provided by one of Europe’s biggest residential markets. There is a significant need for new apartments in Poland stemming from the improving living standards and purchasing power of the close to 40 million population. Expansion to Poland is part of YIT’s strategy to grow the business in CEE. CEE countries represented 11% of YIT’s revenue in 2015. The revenue from the CEE housing business has grown at a double-digit rate now for several years and the profitability has developed favourably.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations and M&A, YIT Corporation, tel. +358 50 390 6750, firstname.lastname@example.org
Tom Sandvik, Head of the Baltic countries and Central Eastern Europe business division,
tel. +358 400 617 807, email@example.com
Vice President, Investor Relations and M&A
Distribution: NASDAQ Helsinki, major media, www.yitgroup.com
YIT creates sustainable cities and better living environment by developing and constructing housing, business premises, infrastructure and entire areas. We focus on providing a first-class customer experience, high quality and continuous development of our diverse expertise. Our operating area covers Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland. In 2015, our revenue amounted to nearly EUR 1.7 billion, and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com