YIT acquires a property from Sveafastigheter in Lahti city centre, Finland

YIT acquires a property from Sveafastigheter in Lahti city centre, Finland

YIT and Sveafastigheter Fund III have completed the sale of a property located in Lahti city centre, Finland. Located at Aleksanterinkatu 11, the property is adjacent to the market square.  YIT will renovate the property bordering Aleksanterinkatu, Mariankatu and Hämeenkatu into a modern retail and residential building.

The new city centre block will have approximately 6,500 square metres of retail and office space, four housing companies comprising some 110 apartments and an underground car park with capacity for 190 vehicles. The project will be carried out during 2013-2015.

“YIT has extensive experience in developing both city centres and various retail and office complexes. We want to be actively involved in developing Lahti city centre. This project is a significant renovation and new construction project for Lahti’s urban structure. By developing an old building in a prime location into a new, idyllic city centre property we can offer the people of Lahti new street-level retail outlets, modern office space and high-quality residences,” says Jukka Pohjola of YIT Construction.

“We are pleased with this divestment. During our ownership, we created a development plan for the property in collaboration with YIT and have applied for additional building rights, zoning changes and a building permit. We feel this is an opportune time for us to sell and let YIT take the development project to the next phase,” explains Jonas Ahlblad, Director at Sveafastigheter.

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For further information, please contact:
Jukka Pohjola, Regional Director, YIT Construction Ltd, Residential Construction South-East Finland, tel. +358 400 216 618, jukka.pohjola@yit.fi 
Jonas Ahlblad, Director, Sveafastigheter, tel. +358 50 563 7667, jonas.ahlblad@sveafastigheter.fi

YIT is a leading European service company in building systems, construction services and services for industry. Our 26,000 professionals serve customers in 14 countries in the Nordic and Baltic countries, Russia and Central Europe. For over one hundred years we have grown together with our customers and developed our services in line with the changes taking place in different societies. We intend to continue on that track. Our vision is to lead the way in creating and maintaining good living environments. In 2011, YIT’s revenue was approximately EUR 4.4 billion. YIT’s shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com

Sveafastigheter is a leading Nordic property fund manager.  The first real estate fund, Sveafastigheter Sverige I, was launched in 2003.  Sveafastigheter Fund III, which is currently in the investment phase, held its final closing in February 2011 after reaching EUR 317 million of commitments in aggregate.  The total value of the Finnish properties is currently approximately EUR 450 million. Sveafastigheter has offices in Helsinki, Stockholm and Malmö.