YIT SELLS BUSINESS PARK SAFIIRI, LOCATED IN ESPOO, FINLAND, TO A GERMAN FUND

YIT SELLS BUSINESS PARK SAFIIRI, LOCATED IN ESPOO, FINLAND, TO A GERMAN FUND

YIT Construction Ltd signed a sale agreement on 21 December 2011 regarding Business Park Safiiri, located in Espoo (Finland) next to Iso Omena. The buyer is a German fund. The value of the agreement is approximately EUR 50 million. 

“The past year has shown that new international funds are interested in the Nordic market and are willing to invest in lucrative projects also in Finland,” says Seppo Martikainen, Vice President, Transactions, YIT.

When finished, the size of the entire Business Park Safiiri will be approximately 14,000 m². The principle tenants of Safiiri with long-term lease agreements will be the technology company Outotec and HUS (the Hospital District of Helsinki and Uusimaa), of which Outotec leases a significant portion, nearly 75 percent, of the facilities. In addition, smaller-scale tenants will be located at Safiiri. The construction of Safiiri has been started, and will be completed in two parts. The first phase covers approximately 8,800 m² and will be completed in March 2012. The second phase of approximately 5,300 m² will be started in March 2012 and completed in June 2013. An international Gold level LEED certification is sought for Safiiri.

Newsec Advice and Castren & Snellman Attorneys Ltd acted for the buyer and Krogerus Attorneys Ltd for the seller.

More information:
Seppo Martikainen, Vice President, Transactions, YIT Construction Ltd, tel. +358 400 460 913, seppo.martikainen@yit.fi
Jarkko Pakkala, Division Manager, Office Construction Services, YIT Construction Ltd., tel. +358 40 830 7204, jarkko.pakkala@yit.fi                                                     

YIT CORPORATION

Virva Salmivaara
Senior Vice President, Corporate Communications

YIT is a leading European service company in building systems, construction services and services for industry. We build, develop and maintain quality living environments in the Nordic countries, Russia, the Baltic countries and Central Europe. In 2010, YIT's revenue was approximately EUR 3.8 billion. The Group has nearly 26,000 employees. YIT's shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com