YIT to sell a care hybrid project to Northern Horizon’s care property fund
YIT Corporation Investor News December 16, 2016 at 1:30 p.m.
YIT has signed an agreement with a care property fund managed by Northern Horizon Capital (“NHC”) to build Komiakulma care hybrid project in Jouppi, Seinäjoki, Finland. The value of the project is approximately EUR 13 million. The construction has been started in December and it will be completed in spring 2018. NHC is acquiring the care project for its Nordic Aged Care fund. The principal tenant of Komiakulma is Mehiläinen Hoivapalvelut Oy who rents 40 places for intensified care and 22 sheltered housing apartments. In addition, the project also comprises 23 rental apartments.
“We are happy to start the Komiakulma care hybrid project together with Mehiläinen and YIT. The central location and co-operation with the top players in their field created the foundation for our investment. We see hybrid projects as central part of care property construction of the future”, says Jussi Rouhento, Head of Finland at Northern Horizon.
“Komia city block by YIT was by far the best of all investigated options for the care home. Excellent location combined with good accessibility of services and opportunity for Mehiläinen to offer its services for all apartment buildings at Komia city block was in favour of this solution” says Project Director Sami Vaateri from Mehiläinen Hoivapalvelut Oy.
Komiankulma care hybrid project is an example of Lifespan Homes, which is a housing solution for especially elderly developed by YIT Care. In this solution sheltered housing, rental apartments or combinations of these are carried out in connection with intensified service housing. Services provided by the care hybrid can be used by other residents in the residential area.
“We want to offer the older generation a setting that enables living as a part of wider city block. With right design and solutions, residents with decreased ability to function can live in a normal residential environment supported by suitable services”, says Anne Suojoki, who is responsible for the development of YIT’s care facility projects. Similar projects are planned for several areas.
For further information, please contact:
Esa Neuvonen, Chief Financial Officer, YIT Corporation, tel. +358 40 500 1003, esa.neuvonen@yit.fi
Hedi Grass, Transaction Specialist, YIT Construction Ltd, tel. +358 40 7338 821, hedi.grass@yit.fi
YIT CORPORATION
Hanna Jaakkola
Vice President, Investor Relations
Distribution: NASDAQ Helsinki, major media, www.yitgroup.com
YIT creates better living environment by developing and constructing housing, business premises, infrastructure and entire areas. Our vision is to bring more life in sustainable cities. We want to focus on caring for customer, visionary urban development, passionate execution and inspiring leadership. Our growth engine is urban development involving partners. Our operating area covers Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland. In 2015, our revenue amounted to nearly EUR 1.7 billion, and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com
