YIT sells its share in an office property in Slovakia to a Czech real estate investment group
YIT Corporation Investor News 13 April 2022 at 2.30 p.m.
YIT has sold its 50 % share of the Pradiareň 1900, a project company owning an office property in Bratislava, Slovakia to a newly established sub-fund of RSJ Investments. RSJ Investments is a Czech real estate investor and a joint venture partner of YIT Slovakia in several projects via separate fund. Debt-free transaction price is approximately EUR 35 million.
YIT and RSJ Investments have cooperated in the development and renovation of an old, four-storey factory building and the adjacent machine shop into a modern office property. The facilities were completely renovated to fulfil the requirements of today’s business operations. The additions built by the companies included a new roof terrace and a new underground parking hall. The renovation of the main building was completed in 2020 and the parking hall in 2021. The leasable area of the property is approximately 16,000 square metres and the floor-to-ceiling height is up to 6 metres. Nearly all of the facilities have been rented out.
The historical building, representing the peak of the industrial architecture of the 20th century, originally served as a spinning mill. The building was completed in 1910 and soon became the largest industrial plant in Bratislava. In 2007, the building was registered as a national cultural monument.
Pradiareň 1900 is part of the ongoing ZWIRN area development developed by YIT and RSJ Investments. Pradiareň 1900 is centrally located in the business district of Bratislava and has great traffic connections. An application for the highest BREEAM environmental certification has been submitted for the property, and it commits to high ESG performance throughout the design and the construction process. Building was recognised by several awards and nominations for outstanding achievements in sustainable architecture, construction and contribution to Slovak cultural heritage.
For further information:
Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 576 0288, tommi.jarvenpaa@yit.fi
Tom Ekman, Executive Vice President, Business Premises segment, YIT Corporation, tel. +358 (0)40 771 2514, tom.ekman@yit.fi
YIT Corporation
Tommi Järvenpää
Vice President, Investor Relations
Distribution: NASDAQ Helsinki, major media, www.yitgroup.com
YIT is the largest Finnish and a significant North European development and construction company. For 110 years, we have been creating better living environments for our customers: we develop and build functional homes for sustainable living, future-proof public and commercial buildings and infrastructure for smoother flow of people, businesses and society. We employ 7,000 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2021 was EUR 2.9 billion. YIT Corporation’s share is listed on Nasdaq Helsinki Oy. www.yitgroup.com/fi
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