YIT has sold real estate to the Tampere Student Housing Foundation (TOAS) in Finland

  
YIT CORPORATION       INVESTOR NEWS     JUNE 19, 2013 at 14:15

YIT has sold real estate to the Tampere Student Housing Foundation (TOAS) in Finland

YIT has sold Kiinteistö Oy Tampereen Keskustorni, its final project in the Kanta-Tampella area in Tampere, Finland, to TOAS (Tampere Student Housing Foundation). The building will contain business premises and 175 apartment hotel-type residences. In the same conjunction, YIT sold 98 underground parking spaces to TOAS from Kiinteistö Oy Keskusparkki. The total value of the transactions is approximately EUR 24 million. Construction work will be started immediately. When completed in May 2015, the 16-storey building will be the landmark of Tampella area.

The agreement extends the long-term cooperation between YIT and TOAS. In addition to this agreement, YIT is currently building 130 student residences to TOAS in Hervanta, Tampere. These will be completed in stages in 2014. 

For further information, please contact:
Ilkka Kääriäinen, Area Director, Building Construction, Tampere and Ostrobothnia, YIT Construction Services Finland, tel. +358 40 519 5953, ilkka.kaariainen@yit.fi
Timo Lehto, Managing Director, TOAS, tel. +358 40 514 8846, timo.lehto@toas.fi

YIT is a leading European service company in building systems, construction services and services for industry. Our more than 25,000 professionals serve customers in 14 countries in the Nordic and Baltic countries, Russia and Central Europe. For over one hundred years we have grown together with our customers and developed our services in line with the changes taking place in different societies. We intend to continue on that track. Our vision is to lead the way in creating and maintaining good living environments. In 2012, YIT’s revenue was approximately EUR 4.7 billion. YIT’s shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com

The Tampere Student Housing Foundation (TOAS) is part of student culture in Tampere. TOAS leases and builds homes for students throughout their studies. TOAS has a total of 5,500 residences, offering homes for nearly 9,000 people. TOAS is the second largest student housing foundation in Finland, and also the second largest lessor in Tampere. In 2012, its turnover was EUR 32.3 million and its balance sheet total stood at EUR 230.6 million. www.toas.fi