FENNIA LIFE TO JOIN YIT'S MOTORCENTER PROJECT IN HELSINKI, FINLAND
INVESTOR NEWS September 26, 2011 at 08:00
FENNIA LIFE TO JOIN YIT’S MOTORCENTER PROJECT IN HELSINKI, FINLAND
YIT Construction Ltd and the insurance company Fennia Life signed the contract and project agreement on the third phase of MotorCenter Konala in Finland. The value of the project agreement is EUR 6,5 million. Construction work on the site has begun and the project is expected to be completed in June 2012. The site covers approximately 2,900 m2. The majority of premises have already been leased to financially sound long-term users.
MotorCenter Konala constitutes a part of the YIT-developed MotorCenter concept, focused on products and services to motorists, technical specialty shops and the recreational activities industry. MotorCenter Konala will be built in four phases and have a total rentable area of approximately 15,000 m2. When completed in September 2012, the centre will offer the products and services of nearly twenty specialty shops in the fields involved.
”MotorCenter Konala’s location in the robustly growing commercial district of Konala is served by excellent public transportation connections. The surroundings will continue to capture and be complemented with a considerable number of new players, making it a safe and profitable investment,” says Timo Rantala, the head of Fennia and Fennia Life’s real estate investment unit.
Plans include the construction of ten more MotorCenters in the Greater Helsinki area during the next five years. ”Customer demand for this kind of a concept is strong and it has won over major domestic chains. The idea behind MotorCenter is to concentrate services and products in desirable business locations which are part of the natural daily environment of consumer, and to provide consumers with first-rate services in functional premises,” says Director Tapio Salo of YIT.
The two already operational MotorCenters – Herttoniemi and Konala II – were opened to customers this summer. These will be followed by MotorCenter Avia in Vantaa in the spring of 2012, MotorCenter Konala III next summer and MotorCenter Konala IV, in the autumn of 2012.
For additional information, please contact:
Timo Tanskanen, Sales Director, Transactions, YIT Construction Ltd, tel. +358 (0)40 357 0921
Timo Rantala, Director, Property Investment, Fennia, tel. +358 (0)40 528 7141
Tapio Salo, Director, Business Premises, Retail, YIT Construction Ltd, tel. +358 (0)50 505 2608
Senior Vice President, Corporate Communications
Distribution: Principal media, local media, www.yitgroup.com
YIT is a leading European service company in building systems, construction services, and services for industry. We build, develop and maintain quality living environments in the Nordic countries, Central Europe, Russia and the Baltic countries. In 2010, YIT's revenue was EUR 3.8 billion. The Group has over 26,000 employees. YIT's shares are listed on NASDAQ OMX Helsinki.