Regenero has acquired Fortum’s headquarters in Keilaniemi, Espoo, Finland

Press Release 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 for a development project. The acquired entity comprises Fortum’s current headquarters, which the company will vacate. The purchase price totals approximately EUR 74 million. The entity comprises Finland’s most well-known high-rise building and the Keilalampi office building as well as unused residential building right.

Regenero’s target is to develop the entire Keilaniemi area. Following the acquisition of the properties, Regenero will be able to create sustainable mix-used urban environment near excellent public transportation connections that are further developing due to the Western metro line. “The transaction 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.

“We are pleased to have reached this point in the project. The new owner can now start the work to develop the iconic high-rise and the surrounding area,” notes Risto Penttinen, Senior Vice President, Strategy, People and Performance, Fortum. 

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:

Juha Kostiainen, Senior Vice President, Sustainable Urban Development, YIT Corporation, tel. +358 400 721 475, juha.kostiainen@yit.fi

Kari Helin, CEO, HGR Property Partners, tel. +358 40 579 0570, kari.helin@hgrpp.fi 

Ville Halonen, Vice President, Corporate Procurement and Real Estate, Fortum, tel. +358 40 832 4489

Regenero is a joint venture formed by YIT and HGR Property Partners founded in 2016 to further deepen the collaboration of the parties and to prepare the companies for future growth. The development projects of Regenero focus on properties in key urban locations, aim at increasing the profile of the area and they are implemented with long-term experience and expertise. The projects to be implemented are of considerable size and can include various types of premises such as office and retail as well as public premises.

Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 9,000 professionals in the Nordic and Baltic countries, Russia, Poland and India, and 62% of our electricity generation is CO2 free. In 2016, our sales were EUR 3.6 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com