YIT has signed the final agreement on the implementation of hotel for the Tripla project in Central Pasila

YIT has signed an agreement on the implementation of the hotel for the Tripla project in Central Pasila, Helsinki, Finland. The hotel will be operated by Sokotel Oy with a long-term lease agreement, and the investor will be a limited partnership managed by Exilion Management Oy with Elo Pension Company, The State Pension Fund of Finland and Veritas Pension Insurance as owners. The goal is to close the deal during the second quarter of 2017 after the conditions for the deal are met. The hotel is scheduled for completion in early 2020. The preliminary value of the agreement for YIT is approximately EUR 88 million.

“The Tripla project has proceeded according to plan or even ahead of schedule. The excellent location and transportation connections as well as the range of services offered by the Tripla urban centre provide a unique environment for a hotel”, says Tapio Salo, Senior Project Director of the Tripla project.

Offering some 430 rooms, the hotel will be one of Finland’s largest in terms of capacity. The hotel will be built according to the requirements of LEED Platinum certification for green buildings. “We are happy with the progress of Tripla project and that we can participate in developing renewing Pasila. We strongly believe in the area’s potential as the second centre of Helsinki as a transport hub located nearby lively venues”, comments Ari Talja, Managing Director at Exilion Management Oy.

Responsible for the modern and elegant decoration of the hotel is design company Fyra, which has become well known as Sokotel’s partner and developer of hotel experiences of a new era in different hotel projects. The fusion of space and solutions, multi-usage and consideration of diversity of customers and different needs are central themes in the Tripla project. “Demand for hotel accommodation is increasing in Finland impacted by good economic situation and increased global interest in travel opportunities in Finland. Our hotel to be part of Tripla is continuation of Sokotel’s successful openings and reformations”, says Jani Vahala, CFO at Sokotel Oy.

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 was launched in January 2017.

For further information, please contact:

Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 40 5666 070, hanna.jaakkola@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 better living environment by developing and constructing housing, business premises, infrastructure and entire areas. Our vision is to bring more life in sustainable cities. We want to focus on caring for customer, 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 2016, our revenue amounted to nearly EUR 1.8 billion, and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com