YIT signed the purchase agreement on the Central Pasila Tripla project plots
YIT CORPORATION STOCK EXCHANGE RELEASE MARCH 3, 2016 AT 2:00 P.M.
YIT signed the purchase agreement on the Central Pasila Tripla project plots
YIT signed the purchase agreement for the land areas related to the Central Pasila Tripla project with the City of Helsinki and Senate Properties. In addition to the plots, YIT buys the old Pasila railway station from Senate Properties. The debt-free purchase price for the old Pasila railway station is EUR 13 million and the total purchase price for the plots is EUR 141 million. An advance payment of EUR 13 million has already been paid, and the rest of the transaction is paid in several instalments within a six-year-period. Majority of the plots are purchased by the project company established for the Tripla shopping mall and the parking facility. YIT’s share of ownership in the project company will be 35% in line with the Letter of Intent signed in December 2015.
The now signed purchase agreement is based on agreements signed earlier by the City of Helsinki, the state and YIT. The design and build agreement was signed in 2014 by the City of Helsinki, Senate Properties, The Finnish Transport Agency and YIT Construction Ltd. At the same time, the preliminary agreement on the real estate transaction and the turnkey contract on the public sections built for the City of Helsinki were signed.
”I am especially pleased with the very good co-operation with the City of Helsinki and Senate Properties, which has been key in ensuring the seamless progress in the project. The now signed purchase agreement is yet another concrete step forward in the project”, says Kari Kauniskangas, YIT’s President and CEO.
During the coming years, Pasila will become a second city centre for Helsinki and an even more important transportation hub that is expected to double its resident and job numbers by 2040. The development of the area starts with YIT’s Tripla project, which comprises a shopping mall and a parking facility as well as offices, apartments and a hotel. Construction of the Tripla project started in summer 2014 with the construction of the new Pasila bridge south from the existing bridge. Excavation work is currently underway in the area.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations and M&A, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi
Tapio Salo, Senior Vice President, Tripla, YIT Construction Ltd, tel. +358 50 505 2608, tapio.salo@yit.fi
YIT CORPORATION
Sanna Kaje
Vice President, Investor Relations and M&A
Distribution: NASDAQ OMX, major media, www.yitgroup.com
YIT is a construction industry leader that creates sustainable urban environments by constructing housing, 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. Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have over 5,300 employees in eight countries. In 2015, our revenue amounted to nearly EUR 1.7 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com