YIT’s and HGR’s joint venture Regenero has concluded an agreement on the sales of three properties in Keilaniemi, Espoo, Finland
YIT Corporation Investor news August 13, 2019 at 8:00 a.m.
YIT’s and HGR Property Partners’ joint venture Regenero has concluded an agreement on the sale of three properties to an international investor. The agreement includes the Accountor Tower, Keilalampi and the Keilaniemenranta pavilions in Espoo, Finland. The parties have agreed that the value of the contract will not be published.
The individual transactions will take place in stages as the construction work progresses. The Accountor Tower is due to be completed and transferred to the new owner in December 2019. The completion of Keilalampi and the pavilions of Keilaniemenranta will take place towards the end of 2020, which is when the deal concerning them will be finalised.
“This is the first leg of our multipart project and we are very proud of it. We thank the local authority for the good cooperation and our main tenant Accountor for achieving such an outstanding project,” says HGR Property Partners’ CEO Kari Helin.
“With this Regenero project, Keilaniemenranta will undergo strong development, with a diverse urban environment arising around excellent public transport connections. In accordance with the principles of the circular economy, we have also renovated the existing building stock to meet the latest requirements,” says Juha Kostiainen, EVP, Urban Development at YIT.
Established in 2016, Regenero is a joint venture of YIT and HGR Property Partners that focuses on large-scale office property renovation projects in which both YIT and HGR can focus on their respective strengths. According to the operating model of the joint venture, YIT carries out the construction work in the project.
For further information, please contact:
Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 566 6070, hanna.jaakkola@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 a 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 the over-100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. Our restated pro forma revenue for 2018 was approximately EUR 3.2 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com
