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- Stock Exchange Release
- 24.08.2011 07:30 CET
YIT AND DESTIA CONSORTIUM HAS BEEN SELECTED AS THE PREFERRED BIDDER FOR E18 MOTORWAY BETWEEN KOSKENKYLÄ AND KOTKA
STOCK EXCHANGE RELEASE AUGUST 24, 2011 AT 8:30 A.M.
YIT AND DESTIA CONSORTIUM HAS BEEN SELECTED AS THE PREFERRED BIDDER FOR E18 MOTORWAY BETWEEN KOSKENKYLÄ AND KOTKA
A consortium formed by YIT, Destia and Meridiam Infrastructure Finance II S.á.r.l. has been selected as the preferred bidder for the E18 motorway between Koskenkylä and Kotka. The project will be implemented using the life cycle model and has been granted a contract authorisation of EUR 650 million, which will form the basis for the agreement negotiations following the tender process with the Finnish Transport Agency. The service contract is expected to be signed in November 2011, and the construction of the motorway is expected to commence towards the end of the year. The road section is estimated to be fully completed in 2015.
The motorway between Koskenkylä and Kotka will be implemented using the life cycle model, where the Finnish Transport Agency orders an entity comprising the design, construction, maintenance and financing of the motorway from the selected service provider. The construction period for the 53-kilometre road section, will be short; the construction work is estimated to commence at the end of 2011 and be fully completed by the end of 2015. After the completion of the road section, the selected service supplier will be responsible for the maintenance and financing of the road until 2026.
In Finland, the life cycle model has been utilised previously in the implementation of the Lahti motorway and the motorway between Muurla and Lohja.
For additional information, please contact:
Hanna-Maria Heikkinen, Vice President, YIT Corporation, tel. +358 20 433 2635, hanna-maria.heikkinen@yit.fi
Jaakko Kouvalainen, Development Manager, YIT Rakennus Oy, tel. +358 40 546 8073, jaakko.kouvalainen@yit.fi
YIT CORPORATION
Hanna-Maria Heikkinen
Vice President, Investor Relations
Distribution: NASDAQ OMX, principal media, www.yitgroup.com
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, Central Europe, Russia and the Baltic countries. In 2010, YIT's turnover was EUR 3.8 billion. The Group has nearly 26,000 employees. YIT's shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com.