YIT has signed a contract on the first phase of the University of Helsinki Main Building renovation

YIT Corporation Investor News June 25, 2019 at 10:00 a.m. 

YIT, as part of an alliance, has signed a contract on the first phase of the University of Helsinki Main Building renovation. The renovation project will begin in July 2019. The facilities will be commissioned for use in phases and the contract is set to be completed in July 2021. The total value of the project is approximately EUR 40 million, of which YIT’s share is approximately EUR 33 million. The project will be entered in the order backlog for the second quarter.  

The first phase covers the section facing Senate Square, which was designed by Carl Ludvig Engel and two-storey sections designed by Siren along Yliopistonkatu and Aleksanterinkatu. The renovation also includes phase 2 as an option, covering the section of the Main Building designed by J. S. Siren. The University of Helsinki will make a decision on the realisation of phase 2 at a later date.  

In the alliance, the University of Helsinki Funds is the project client, YIT is the contractor and Jeskanen-Repo-Teränne Arkkitehdit Oy is responsible for the project’s architectural design. The renovation project consists of three main phases: the development phase that started last summer, the implementation phase that is now starting and the after-sales responsibility phase. The after-sales responsibility phase is set to continue until 2026.   

The Main Building of the University of Helsinki is protected as a historically significant building. 

“The Main Building of the University of Helsinki is a special site in terms of its architecture, history and location. YIT is specialised in renovating historically important buildings that are often located in city centres. We are very happy to be able to continue our alliance work and to start the implementation phase of the project,” says Kalevi Stenman, Vice President, YIT Business Premises. 

“The University of Helsinki has an important role in maintaining and protecting Finnish cultural heritage. The renovation of the Main Building right now is necessary to take care of this task. We are very pleased to utilise the expertise of YIT and Jeskanen-Repo-Teränne Arkkitehdit Oy”, says Tom Böhling, Vice President of the University of Helsinki.

For further information, please contact:
Tiina Kuusisaari, Investor Relations Manager, YIT Corporation, tel. +358 (0)40 528 8154, tiina.kuusisaari@yit.fi
Esa Neuvonen, EVP, Business Premises and Partnership Properties segments, YIT Corporation, tel. +358 (0)40 500 1003, esa.neuvonen@yit.fi  

YIT CORPORATION 

Hanna Jaakkola 

Vice President, Investor Relations 

Distribution: NASDAQ Helsinki, major media, www.yitgroup.com 

YIT is the largest Finnish and significant North European construction company. We develop and build apartments and living services, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers, our nearly 10,000 professionals are creating more functional, attractive and sustainable cities and environments. We work in 11 countries: Finland, Russia, Scandinavia, the Baltic Countries, the Czech Republic, Slovakia and Poland. The new YIT was born when over 100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. Our pro forma revenue for 2018 was approximately EUR 3.8 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com