Dec 24 2013
YIT and ICECAPITAL Housing Fund III Ky have signed an agreement on the construction of six non-subsidised investment properties in the Helsinki Metropolitan Area. The buildings will consist of more than 300 apartments in total.
The value of the agreement is approximately EUR 64 million. Construction will begin in 2014. This deal is a continuation of the agreement signed earlier this year, which consisted of the sale of two housing companies (90 apartments) and amounted to over EUR 16 million.
“The current business transaction will relieve the housing shortage in the Helsinki Metropolitan Area. It also offers us a chance to fulfil the demand by building small and medium-sized apartments and to provide employment in the construction industry,” says Harri Isoviita, Senior Vice President for Residential Construction at YIT.
“The agreement signed with YIT continues the long-term co-operation between our companies. Through this co-operation, our latest fund will execute the housing investments in the Helsinki Metropolitan Area as defined in its investment strategy”, comments Wisa Majamaa, Managing Director of ICECAPITAL.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, [email protected]
Harri Isoviita, Senior Vice President, Residential Construction, YIT Construction Ltd,
tel. +358 40 553 3833, [email protected]
Source: http://www.yit.fi/