YIT and BPT form strategic partnership to develop commercial real estate in Russia

 YIT and BPT form strategic partnership to develop commercial real estate in      Russia                                                                          

Finnish-based international developer YIT and BPT have signed a strategic        partnership agreement focused on the emerging opportunities on the Russian real  estate market. The two companies will cooperate on identifying, developing and   implementing commercial real estate projects in Moscow and the Moscow region.    The long-term objective of the partnership is to secure a strong platform for    developing commercial real estate in the Russian capital, in particular within   the retail and office segments. The partnership agreement does not involve       commitment on pre-agreed financial volumes.                                     

As one of the leading construction companies and providers of building systems   services in the Nordic countries, Central Europe, Russia and Baltic countries,   YIT, represented by its affiliate YIT Properties, will provide technical due     diligence and consultancy services with respect to potential projects and will   be the first choice partner in the development of projects deemed attractive by  both partners. BPT will draw on its successful track record of investments and   investment management in Central and Eastern Europe to deliver asset management  services along with equity and financial solutions, including its already        existing Russian investment fund BPT Arista SICAV-SIF and other channels.       

“The Russian real estate market is deeply distressed at the moment and it takes  strong partnerships to overcome this challenge. We want to be part of the        solution. At the same time, the current situation also offers unique             opportunities to secure the best locations and projects, and we know that        together with a prominent player like YIT we can add significant value to the    market thus securing future growth for our investors”, says BPT founder Lars     Ohnemus.                                                                        

“As a company with vast experience in the Russian construction business and a    solid international background, YIT sees an exceptional opportunity to expand    its commercial real estate operations by joining forces with such a              well-respected investment partner as BPT”, says Victor Verma, YIT Properties     General Manager.                                                                

 For further information, please contact:                                         Kari Kauniskangas, Head of International Construction Services business segment, tel. +358 40 519 0198, kari.kauniskangas@yit.fi                                  Victor Verma, YIT Properties General Manager, tel. +7 495 258 82 55,             victor.verma@yit.ru                                                              Lars Ohnemus, founder of BPT, tel. +45 33 69 07 33, lo@balticpropertytrust.com  

 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 2008, YIT's turnover was EUR 3.9 billion. The Group has about 25,000 employees. YIT's share is listed on NASDAQ OMX Helsinki. YIT Properties   was founded as YIT's affiliate for commercial real estate development in Moscow  and regions.                                                                    

BPT is an international real estate asset manager specializing in Central,       Eastern and Northern Europe. BPT offers a range of property funds totalling more than EUR 800 million in assets under management. The investment capacity spans   the entire Baltic Sea. The portfolio consist of approximately 500,000 square     metres of prime commercial real estate, primarily retail and office buildings.   BPT is headquartered in Copenhagen with local offices in Berlin, Tallinn, Riga,  Vilnius, Gdansk, Warsaw, Moscow and St. Petersburg. The company has              approximately 100 employees.                                                    

 Distribution: Principal media, www.yitgroup.com