YIT and ICECAPITAL developing rental apartment building in Helsinki, Finland

YIT AND ICECAPITAL DEVELOPING RENTAL APARTMENT BUILDING IN HELSINKI, FINLAND

YIT and ICECAPITAL Housing Fund II Ky have signed a contract on rental apartment building in Ilmala, Helsinki. Asunto Oy Helsingin Toimittaja comprises 71 apartments and a garage below the yard. The total value of the contract is approximately EUR 20 million. Development will commence in September 2012 and will be completed in December 2013.

"The contract is a further step toward our long-term cooperation with ICECAPITAL. This is a privately funded rental apartment building which will provide Ilmala with diverse building stock," says Harri Isoviita, Division Manager at YIT Construction Ltd.

Ilmala's new residential area is located in Pasila, Helsinki next to the radio and TV towers. The area's good public transit connections, comprehensive services and the close proximity of the Central Park have made it a popular residential location.

For further information, please contact:

Harri Isoviita, Division Manager, YIT Construction Ltd., tel. +358 40 5533 833,
harri.isoviita@yit.fi

Wisa Majamaa, Managing Director, ICECAPITAL Real Estate Asset Management II Ltd., tel. +358 40 826 1001, wisa.majamaa@icecapital.fi

YIT CORPORATION

Kristina Broman                
Acting Vice President, Corporate Communications

Distribution: Principal media, local media, www.yit.fi

YIT is celebrating its 100th anniversary in 2012. The company was founded in the Grand Duchy of Finland in 1912. Today, YIT is a leading European service company in building systems, construction services and services for industry. With our 26,000 professionals, we serve our customers in 14 countries: in the Nordic and Baltic countries, Central Europe and Russia. We have grown together with our customers and developed our services as societies have changed. We intend to continue on that path. Our vision is to lead the way in creating and maintaining good living environments. In 2011, YIT's turnover was approximately EUR 4.4 billion. YIT's shares are listed on NASDAQ OMX Helsinki. www.yit.fi