YIT to renovate nine apartment buildings for the City of Helsinki

YIT has signed a contract regarding the renovation of rental apartments in Laajasalo owned by the Helsinki City Housing Company. The buildings to be renovated are located at Gunillantie 6 and were built in 1970. The buildings have 289 apartments with a total gross area of 29,276 m2. The value of the contract is approximately EUR 31 million, which will be recorded in the company’s order backlog for the first quarter of 2021.

The renovation will start in February 2021 and the work will be fully completed in January 2024. This is a major renovation contract. The sewerage, water pipe lines and electricity systems of the buildings will be renovated and geothermal heat systems installed. The interiors of the apartments will be renovated, roofs replaced and new ventilation machine room built. In addition, the yards and their plantings will be replaced and the facades will be repaired with plaster and paint.

The contract will be implemented in phases by renovating three buildings in a year. When the first buildings are completed, their residents will move in and the residents of the following three buildings will move out for the duration of the renovation.

The interior building phases of the apartments are implemented using the so-called takt time method in which tasks and areas are divided carefully into smaller parts and work phases. In addition to saving time, this method will improve the project’s quality level management, cooperation and transparency.

For further information, please contact:
Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 576 0288, tommi.jarvenpaa@yit.fi
Tom Ekman, Executive Vice President, Business Premises, YIT Corporation, tel. +358 (0)40 771 2514, tom.ekman@yit.fi

YIT CORPORATION

Tommi Järvenpää
Vice President, Investor Relations

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

YIT is the largest Finnish and a significant North European construction company and urban developer. We develop and build apartments and living services, business premises and entire areas. Furthermore, we are specialised in complex infrastructure construction. Together with our customers, our nearly 8,000 professionals create more functional, attractive and sustainable cities and living environments. We operate in 10 countries: Finland, Russia, Sweden, Norway, the Baltic countries, the Czech Republic, Slovakia and Poland. In 2019, our revenue amounted to approximately EUR 3.4 billion. YIT Corporation’s share is listed on Nasdaq Helsinki Oy. www.yitgroup.com/fi