Kumppanuuskoulut Oy, owned by YIT and Meridiam, has signed a service agreement on implementing five schools and three daycare centres in Espoo, Finland

Project company Kumppanuuskoulut Oy, formed by YIT and Meridiam Investments II, have signed a service agreement with the City of Espoo on the implementation of five schools and three daycare centres. The total value of the projects, implemented with the PPP model (Public Private Partnership), is approximately EUR 300 million for the whole service period, with YIT’s share being approximately EUR 235 million. The contract will be entered in YIT’s order backlog for the second quarter of the year.
YIT owns 20% of Kumppanuuskoulut Oy, and Meridiam Investments II owns the remaining 80%. Kumppanuuskoulut Oy has signed construction and maintenance agreements with YIT.

The service agreement covers the construction of and 20 years of maintenance for schools in Nauriskaski, Kuitinmäki, Kilo and Pohjois-Tapiola, school and youth facilities in Perkkaa as well as daycare centres in Perkkaa, Nöykkiönniitty and Kilo. The projects will include facilities for nearly 3,900 children, and the constructed gross area is approximately 45,000 m2 in total.

The construction of the first projects has already started, and the rest of the projects will start in a staggered manner. The projects are scheduled to be gradually completed by 2024.

On October 17, 2019, YIT announced the victory of the competitive bidding organised by the City of Espoo, on its website.

For further information, please contact:

Tom Ekman, Executive Vice President, Business Premises segment, YIT Corporation, tel. +358 (0)40 771 2514, tom.ekman@yit.fi

Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 576 0288, tommi.jarvenpaa@yit.fi

YIT CORPORATION

Tommi Järvenpää

Vice President, Investor Relations

Distribution: Nasdaq Helsinki, major media, www.yitgroup.com  

YIT is the largest Finnish and a significant North European construction company and urban developer. We develop and build apartments and living services, business premises and entire areas. We are also specialised in demanding infrastructure construction. Together with our customers, our nearly 8,000 professionals are creating more functional, attractive and sustainable cities and environments. We operate in 10 countries: Finland, Russia, Sweden, Norway, the Baltic countries, the Czech Republic, Slovakia and Poland. Our revenue in 2019 was approximately EUR 3.4 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com