YIT and Kesko to collaborate on the Lakeuden Ankku

Helsinki, 2013-10-15 10:30 CEST (GLOBE NEWSWIRE) -- YIT CORPORATION               INVESTOR NEWS                  15 October 2013 at 11:30 a.m.

YIT and Kesko to collaborate on the Lakeuden Ankkuri shopping centre project in Seinäjoki

YIT and Kesko are entering into co-operation for the development and advancement of the Lakeuden Ankkuri shopping centre project in Seinäjoki. The shopping centre will be one of the most significant of its kind in Finland. Once implemented, the value of the project would be over EUR 100 million. The decision to start construction of the centre requires a sufficient rental rate, securing of investors as well as decisions from the boards of Kesko and YIT. The goal is for construction to begin in the autumn of 2014, whereupon the shopping centre would be completed by the end of 2016.

Lakeuden Ankkuri will be a full-service business and shopping centre, and one of the largest of its kind in Finland . The planned overall area of the centre is around 50,000 square metres, and it is planned to include a K-citymarket hypermarket, specialty shops, restaurants, services and various leisure-time activities, among other things. The shopping centre is located just two kilometres from the centre of Seinäjoki in the Jouppi area, which is becoming a significant commercial centre in Ostrobothnia.

“South Ostrobothnia is a vibrant and developing province. We strongly believe that its growth will continue. For this reason, we want to be involved in taking the services in the province to an entirely new level,” says Jari Alanen, District Director at Kesko.

“Seinäjoki is the strong centre of the province and one of the few growth centres in Finland. The Lakeuden Ankkuri shopping centre project also creates a good framework for operators that have not yet been seen in Ostrobothnia,” Alanen adds.

According to Ilkka Kääriäinen, Regional Director at YIT, Kesko’s entry into the project creates good preconditions for establishing one of Finland’s largest shopping centres:

“YIT has extensive and solid experience in developing and implementing similar projects both in Finland and internationally. It is a great opportunity for us to be in a position where we can develop new services for Ostrobothnians and create new jobs during the building phase and especially once the shopping centre opens. We believe that this project will give a substantial boost to the whole Seinäjoki economic territory,” says Kääriäinien.

For further information, please contact: Ilkka Kääriäinen, Regional Director, YIT, tel. +358 40 519 5953, ilkka.kaariainen@yit.fi Sanna Kaje, Vice President, Investor Relations, YIT, tel. +358 50 390 6750, sanna.kaje@yit.fi

YIT leads the way in the construction sector by creating more attractive and sustainable urban environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia.   YIT builds houses, business premises and infrastructure, develops entire areas, and offers residential service concepts for consumers. YIT has over 100 years of experience and a strong market position: it is the largest residential construction company in Finland and the most significant foreign residential construction company in Russia. YIT is also one of the largest business premises and infrastructure construction companies in Finland. YIT has more than 6,000 employees in seven countries. In 2012, the company’s revenue was approximately EUR 2.0 billion. YIT’s shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com

Kesko ( www.kesko.f i) is a retail specialist whose chains have about 2,000 stores in the Nordic and Baltic countries, Russia, and Belarus. Kesko stores offer quality to the daily lives of consumers.