YIT to start the construction of an apartment building project with a new, optional purchase right model in Helsinki, Finland

YIT Corporation Investor News March 29, 2017 at 2:00 p.m.

YIT starts the construction of an apartment building project in Viikki, Helsinki, Finland. At the same time, YIT presents a new optional purchase right model, where the customer can either buy the apartment directly or take a tenancy and buy the apartment on a fixed price within five years after the building has been completed. In addition to the rental agreement, the customer signs a preliminary purchase agreement on the apartment and pays 1% of the debt-free purchase price as a deposit. The price of the apartment rises by 1.5% annually and so the potential higher appreciation benefits the customer.

YIT develops new, flexible living concepts for different phases of life. The purchase right model enables obtaining financing for the apartment with no rush. Tenancy doesn’t obligate to purchase the apartment, but it offers the opportunity for a trial living before making the final purchase decision. 

In the optional purchase right model, the tenancy option is enabled by a partnership. In the model, an investor purchases the apartment from YIT and takes responsibility of the renting them out, which supports YIT’s strategic target to improve its capital efficiency.

The project being started now is Asunto Oy Helsingin Agonomi with almost 30 apartments. Agronomi is located within good transportation connections close by a school, day care centres and grocery shops. The value of the project is below EUR 10 million, and it will be completed in summer 2018. The project will be recorded in the first quarter’s start-ups.

Read more about the optional purchase right model at YIT’s Homes website (in Finnish).

For further information, please contact:

Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 40 5666 070, hanna.jaakkola@yit.fi   

Harri Isoviita, Senior Vice President, Residential Construction, YIT Construction Ltd, tel. +358 40 553 3833, harri.isoviita@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 2016, our revenue amounted to nearly EUR 1.8 billion, and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com

About Us

YIT is the largest Finnish and 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 States, the Czech Republic, Slovakia and Poland. The new YIT was born when over 100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. Our pro forma revenue for 2018 was approximately EUR 3.8 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com

Subscribe

Media

Media