YIT has signed a letter of intent on the implementation of the hotel for the Tripla project in Central Pasila

YIT has signed a letter of intent on the implementation of the hotel for the Tripla project in Central Pasila, Helsinki. The hotel will be operated by Sokotel Oy, and the investor will be a new limited partnership managed by Exilion Management Oy with Elo Pension Company and Suomen Osuuskauppojen Keskuskunta as owners. The intention is to sign the final project agreements in early 2017. The hotel is scheduled for completion in early 2020.

Offering some 430 rooms, the hotel will be one of Finland’s largest in terms of capacity. Its excellent location and first-rate transport connections will meet the needs of Tripla visitors and other businesses and events in the area, such as the Messukeskus expo and convention centre and Hartwall Arena. “Tourism is increasing globally, which is also strongly visible in Finland. Finland’s good reputation and its attractions create demand for both work related and leisure time travelling. Based on this growth we are strengthening the accommodation offering in Helsinki. Our hotel to be part of Tripla is continuation of Sokotel’s successful openings and reformations”, says Jani Vahala, CFO at Sokotel Oy.

“We are happy to participate in developing renewing Pasila. We strongly believe in the area’s potential as the second centre of Helsinki and this hotel project is creating the new identity for the area for its part. Managing this new, significant hotel property supports our strategy very well”, comments Ari Talja, Managing Director at Exilion Management Oy.

“The Tripla project is well on schedule. The leasing of commercial premises has taken off even better than planned. There is demand for a hotel in Pasila, and the unique location and range of services offered by the Tripla urban centre provide a great environment for one,” says Tapio Salo, Senior Project Director of the Tripla project.

Pasila will become the new heart of Helsinki and an even more important transportation hub that is expected to double its resident and job numbers by 2040. The development of the area began with YIT’s Tripla project, which includes a hotel, mall and parking hall, as well as office facilities and apartments. The construction project also covers Pasila station and the adjacent public transport terminal. The City of Helsinki has planned the former railway yard to the north of Tripla for residential blocks, which will have apartments for 3,000 residents. An international architectural design and implementation competition for the Tower Area south of Tripla will be launched in January 2017.

Further information:

Esa Neuvonen, CFO, YIT Corporation, tel. +358 40 500 1003, esa.neuvonen@yit.fi   
Tapio Salo, Senior Vice President, Tripla, YIT Construction Ltd., tel. +358 50 505 2608, tapio.salo@yit.fi

YIT CORPORATION

Hanna Jaakkola

Vice President, Investor Relations

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

YIT creates a better living environment by developing and constructing housing, business premises, infrastructure and entire areas. Our vision is to bring more life into sustainable cities. We want to focus on caring for our customers, 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 2015, our revenue amounted to nearly EUR 1.7 billion and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com