YIT and HGR establish a joint venture for large-scale real estate development projects
YIT CORPORATION Press Release 28.6.2016 at 11am
YIT and HGR Property Partners have established a joint venture called Regenero, which will focus on developing sizeable combined apartment, commercial and business premises projects in the Helsinki metropolitan area. The company aims to begin its first project as early as at the beginning of next year.
According to its strategy, YIT has strengthened its project development resources over the past winter in order to ensure the creation of growth initiatives. The newly established company is part of this increase in resources. YIT’s area of expertise in the company includes turnkey contracting, infrastructure construction and segment-specific project expertise. HGR, on the other hand, has strong expertise in commercial development work, particularly in business ideas and concept design, as well as company-specific specialised solutions.
“City structures are developing and there is a need for new operational models. Regenero one part of YIT’s new city and project development model. By combining the strength and expertise of both companies, we can gain a completely new sector operator that is uniquely equipped to implement new, wide-ranging property development projects,” says Kari Kauniskangas, President and CEO of YIT.
“Establishing Regenero together with YIT makes it possible for HRG to implement even larger-scale development projects than before. We have carried out several successful development projects with YIT, so establishing a joint venture with them feels like a natural way to deepen our already well functioning co-operation,” says Kari Helin, CEO of HGR.
Over the last ten years, YIT and HGR Property Partners have worked together in implementing several successful property development projects. At the moment, the two companies are working on the Kasarmikatu 21 office property project in the centre of Helsinki in cooperation with Ahlström Capital. Upon completion at the end of 2017, the office building, which formerly housed the Helsinki Public Works department, will provide workspace for up to a thousand employees. The property is being built taking into account the requirements of the LEED Platinum environmental certificate.
For further information, please contact:
Juha Kostiainen, Senior Vice President, Urban Development, YIT Corporation, tel. +358 400 721 475, juha.kostiainen@yit.fi
Hanna Malmivaara, Vice President, Communications, YIT Corporation, tel. +358 40 561 6568, hanna.malmivaara@yit.fi
Kari Helin, CEO, HGR Property Partners, tel. +358 40 579 0570, kari.helin@hgrpp.fi
YIT creates sustainable cities and a better living environment by building apartments, 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 currently have around 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com
HGR Property Partners is a real estate development company that invests in office and residential housing development projects in the Helsinki metropolitan area. HGR Property Partners owns properties along with various capital investors. Cooperation is based on HGR Property Partners being responsible for the operative business. Our strength is individual solutions that generate added value for our customers. It is about discovering and implementing various development opportunities in order for the business to run smoothly and flexibly, as well as developing a deep understanding of customer needs.
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