YIT to build two housing companies for Icecapital in Finland

YIT to build two housing companies for Icecapital in Finland

YIT and ICECAPITAL Housing Fund III Ky have signed an agreement on the construction of two housing companies in Finland. Asunto Oy Kirkkonummen Kelloseppä, to be built in Masala, Kirkkonummi, will consist of 40 apartments. Asunto Oy Mäntsälän Peltolemmikki in the town of Mäntsälä will comprise two apartment buildings with a total of 50 apartments. The total value of the agreement is approximately EUR 16 million. Construction of both projects will begin in September 2013. Mäntsälän Peltolemmikki will be completed in October 2014 and Kirkkonummen Kelloseppä in January 2015.

“This business transaction with YIT continues our long-term cooperation which aims at investing assets from the fund in non-subsidised residential construction in the Helsinki metropolitan area and growth centres. Together we try to find entire projects that enable us to offer apartments to the rental market at a competitive price,” says Wisa Majamaa, Managing Director of ICECAPITAL REAM. 

For further information, please contact:                                                           

Harri Isoviita, Senior Vice President, Residential Construction, YIT, tel. +358 40 553 3833,
harri.isoviita@yit.fi

Wisa Majamaa, Managing Director, ICECAPITAL REAM Ltd, tel. +358 40 826 1001,
wisa.majamaa@icecapital.fi

YIT leads the way in the construction sector by creating more attractive and sustainable urban environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. YIT builds housing, business premises and infrastructure, develops entire areas, and offers residential service concepts for consumers. YIT has over 100 years of experience and a strong market position: it is the largest residential construction company in Finland and the most significant foreign residential construction company in Russia. YIT is also one of the largest business premises and infrastructure construction companies in Finland. YIT has more than 6,000 employees in seven countries. In 2012, the company’s revenue was approximately EUR 2.0 billion. YIT's share is listed on NASDAQ OMX Helsinki. www.yitgroup.com

ICECAPITAL Housing Fund III Ky is the fifth real estate private equity fund established and managed by ICECAPITAL. The fund was established in June 2012 and it invests in future, new or renovated non-subsidised residential buildings in the Helsinki metropolitan area and growth centres. The total capital of the fund is EUR 400 million.