YIT TO BUILD APARTMENTS WORTH EUR 46 MILLION FOR ICECAPITAL IN FINLAND

YIT TO BUILD APARTMENTS WORTH EUR 46 MILLION FOR ICECAPITAL IN FINLAND

YIT has today signed a pre-agreement with ICECAPITAL on the construction of four rental housing projects. The value of the transaction is EUR 45.8 million. The apartment buildings will be situated in Helsinki (Ilmala), Espoo (Espoonlahti and Tuomarila) and Nurmijärvi (Kirkonkylä), Finland. The buildings will have a combined total of about 200 apartments. The construction of the first project will commence in spring 2012, and the projects will be completed in stages during 2013.

“YIT is capable of reacting to the market by not only providing contracting but also diverse housing options. There is a demand for non-subsidized rental apartments, and these projects will supplement the apartment range available in the areas. We have cooperated with ICECAPITAL for a long time, which means that this agreement is a natural next step for our cooperation,” says Harri Isoviita, Head of Residential Construction of YIT.

ICECAPITAL Housing Fund II is a private equity real estate fund investing in non-subsidized rental apartment buildings. It was established in June 2009. The fund’s biggest investors are the company pension fund VR Eläkesäätiö, Varma Mutual Pension Insurance Company, The State Pension Fund, Etera Mutual Pension Insurance Company, Local Insurance Mutual Company, the Finnish Cultural Foundation, the Osuuskunta Tradeka consortium and the Church Pension Fund.

“The demand for rental apartments is continuously on the rise in major cities and their neighbouring municipalities. Our fund is a safe and long-term lessor that provides high-quality rental apartments in areas where the demand for them is the highest,” says Wisa Majamaa, Managing Director of ICECAPITAL Real Estate Asset Management II, responsible for the administration of the fund.

More information:
Harri Isoviita, Head of Residential Construction, YIT Construction Services Finland, tel. +358 40 553 3833, harri.isoviita@yit.fi 
Wisa Majamaa, Managing Director, ICECAPITAL Real Estate Asset Management II, tel. +358 40 826 1001, wisa.majamaa@icecapital.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 about 26,000 employees. YIT’s shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com