YIT sells offices and apartments in Finland

Helsinki-listed construction company YIT has sold office premises and apartments in Finland for a total €80 mln.

The office premises in the Tikkurila Commercial Centre Dixi and MotorCenter Espoonlahti in Espoo were sold to Etera Mutual Pension Insurance Company for around €60 mln.

The Dixi office premises comprise a total floor area of 14,400 m2 and will be developed over 12 floors in several phases by the end of 2017. The first phase, which consists of 6,000 m2 of office space in total, will be completed in late 2014. The transaction also includes parking spaces, which will be completed in the first phase of construction. LEED Platinum environmental certification will be sought for the project.

The main tenants will be HUS, Suomen Terveystalo Oy as well as the HR and outsourcing service provider Barona.

MotorCenter Espoonlahti is part of the MotorCenter concept developed by YIT, focused on providing products and services for motorists. The first phase of the project, consisting of a total floor area of approximately 3,500 m2, will be completed in spring 2014.

Separately, YIT said it has sold 85 apartments in the Helsinki region and other growth centres in Finland for €20 mln. The apartments were sold to Orava Residential REIT.

The deal is the first between YIT and Orava Residential REIT, which was listed on the Helsinki stock exchange in autumn 2013.

YIT has also signed an agreement with Icecapital Housing Fund III Ky for the construction of six apartment buildings in the Helsinki Metropolitan Area.

The buildings will consist of more than 300 apartments in total, with construction due to start in 2014. The value of the agreement is around €64 mln. The deal is a continuation of the agreement signed earlier in 2013 which consisted of the sale of two housing companies (90 apartments) and amounted to over €16 mln.