YIT to establish joint venture to develop big area projects in Slovakia

YIT Slovakia and RSJ Investments have signed an agreement to establish a joint venture that will develop phases 4-11 of YIT’s Nuppu residential project and the entire Zwirn residential and business premises projects in Bratislava, Slovakia. YIT and RSJ Investments will both own 50% of the joint venture. The parties have agreed that the transaction value will not be published.

Nuppu is YIT’s largest residential area project in Bratislava, located in the Ruzinov district 10 minutes from the city centre. Approximately 1,000 apartments will be constructed in the area project in total. At the moment, phases 1-3 with more than 300 apartments are completed or under construction. YIT has previously sold phases 2-3 of Nuppu to the YCE Housing I fund. The joint venture will develop the remaining approximately 700 apartments.

Zwirn is an urban living and office space area on the site of Bratislava’s former thread factory “Bratislavská cvernová továreň”, a historical industrial part of the city. The former industrial area will become a new neighbourhood, connecting the site’s history with contemporary architecture including the Spinning Mill national heritage landmark.

”Establishing this joint venture supports our goal of profitable growth involving partners. This is a way to grow our investing capacity in a capital-efficient manner,” comments Tom Sandvik, Senior Vice President, Head of Housing Baltic and CEE Division, YIT.

For further information, please contact: 

Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 40 5666 070, hanna.jaakkola@yit.fi
Antti Inkilä, Executive Vice President, Housing Finland and CEE segment, YIT Corporation, tel. +358 40 8644 358 , antti.inkila@yit.fi

YIT CORPORATION

Hanna Jaakkola
Vice President, Investor Relations

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

YIT is the biggest construction company in Finland and a major player in Northern Europe. We construct and develop apartments, business premises and entire residential areas. Furthermore, we are specialists in infrastructure construction and paving. Together with our customers, our 10,000 professionals create increasingly functional, appealing and sustainable cities and living environments. We have operations in 11 countries: Finland, Russia, Scandinavian and Baltic countries, the Czech Republic, Slovakia and Poland. The new YIT was created by the merger of YIT Corporation and Lemminkäinen Corporation, both over 100 years old, on February 1, 2018. In 2017, our pro forma revenue totalled more than EUR 3.8 billion. YIT Corporation’s share is listed on Nasdaq Helsinki. www.yitgroup.com. www.yitgroup.com