YIT and TA-Yhtymä signed a pre-agreement on the construction of subsidised right-of-occupancy and rental apartments

YIT and TA-Yhtymä signed a pre-agreement on the construction of subsidised right-of-occupancy and rental apartments

YIT and TA-Yhtymä have signed a pre-agreement on the construction of subsidised right-of-occupancy and rental apartments in various locations in Finland. The pre-agreement covers over 20 residential properties. A maximum of around 750 apartments will be designed and constructed by YIT on plots controlled or owned by YIT.

Project start-ups require municipal support and a project specific approval from The Housing Finance and Development Centre of Finland (ARA). The individual deals will be closed after the approval of ARA. First projects are estimated to be started at the turn of the year 2014/2015, and the goal is to start all projects during 2015 with completions estimated to take place before the end of 2016. The projects will be booked in the order backlog once the individual deals are closed.

”The common objective of YIT and TA is to respond to the challenge faced by the society, by adding to the supply of affordable right-of-occupancy and rental apartments for which there is a crying need. We hope support from the municipalities and ARA to help in achieving the objective. The projects’ employment impact is also estimated to be significant at over 2,000 man-years”, says the President and CEO Kari Kauniskangas.

For additional information, please contact:

Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi
Harri Isoviita, Senior Vice President, Residential Construction, YIT Construction Ltd, tel. +358 40 553 3833, harri.isoviita@yit.fi
Matti Koskela, Senior Vice President, Building Construction, YIT Construction Ltd, tel. + 358 40 557 6520, matti.koskela@yit.fi

YIT CORPORATION

Sanna Kaje
Vice President, Investor Relations

Distribution: NASDAQ OMX, principal media, www.yitgroup.com

YIT is a construction industry leader. We create better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over 100 years of experience have secured for us a strong market position: We are the largest housing developer and one of the largest business premises and infrastructure developers in Finland, and the most significant foreign housing and area developer in Russia.  Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have more than 6,000 employees in seven countries. In 2013, our revenue amounted to nearly EUR 1.9 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com