YIT to construct a new hotel in Turku, Finland

YIT Corporation Investor News June 29, 2018 at 8:30 A.M.

YIT, Rausanne Oy and Turun Osuuskauppa (S Group, Turku Cooperative Society) together have agreed to construct a new hotel in Kupittaa, Turku, Finland. The value of the transaction is approximately EUR 30 million. The project will be entered in the order backlog for the second quarter of the year.

The 9-storey Sokos hotel will have around 200 rooms and will accommodate nearly 500 guests. The new hotel will be operated by Turun Osuuskauppa and owned by Rausanne Oy.

“Until now, the Kupittaa area has been lacking in hotel services. In addition to catering to our shareholder customers, Original Sokos Hotel Kupittaa will in particular respond to the accommodation needs of businesses, institutes of higher education, hospitals as well as research and sports activities,” says Mikko Eskelinen, Divisional Director, Tourism and hospitality at Turun Osuuskauppa.

“It’s great to be involved in developing hotel services in Turku and the area of Kupittaa. The location is perfect for a hotel,” says Arto Puolimatka, CEO of Rausanne Oy.

Original Sokos Hotel Kupittaa is the third phase in the Intelligate project located in Kupittaa at the centre of the Turku Science Park, adjacent to the Turku–Helsinki motorway and the Kupittaa railway station. Once completed in spring 2020, the hotel will have direct indoor access to the railway station. YIT has previously carried out phases I and II of the Intelligate project.

“It is fantastic to be able to complete a set of three interlinked buildings. Once the third phase of Intelligate, which is currently under construction, is complete, the modern hotel building will complement the business and office facility services available in the area,” comments Jyrki Meri, Vice President, YIT.

For further information, please contact:

Maija Hongas, Manager, Investor Relations, YIT Corporation, tel. +358 50 3900 309, maija.hongas@yit.fi
Esa Neuvonen, Vice President, Business Premises and Partnership Properties segments, YIT Corporation, tel. +358 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 biggest construction company in Finland and a major player in Northern Europe. We construct and develop apartments, business premises and entire residential areas. Furthermore, we are specialists in infrastructure construction and paving. Together with our customers, our 10,000 professionals create increasingly functional, appealing and sustainable cities and living environments. We have operations in 11 countries: Finland, Russia, Scandinavian and Baltic countries, the Czech Republic, Slovakia and Poland. The new YIT was created by the merger of YIT Corporation and Lemminkäinen Corporation, both over 100 years old, on February 1, 2018. In 2017, our pro forma revenue amounted to over EUR 3.8 billion. YIT Corporation’s share is listed on Nasdaq Helsinki. www.yitgroup.com