YIT sells three nursing homes to Trevian Asset Man

Helsinki, 2013-10-28 11:00 CET (GLOBE NEWSWIRE) --  

YIT has concluded an agreement on the sale of three nursing homes in Espoo, Vantaa and Kerava with the Trevian Care I Fund. The Vantaa and Kerava properties are under construction, and the aim is to start up the Espoo project before the end of the year.  All of the properties sold are new buildings, and each will be operated by a company specialising in social and care services. 

The first nursing home will be completed in Kerava in December this year. Upon completion, Keravan Kuntoutuskoti will feature 36 group home apartments for people recovering from mental health problems, and it has a floor area of 1,700 square metres. The tenant is Mikeva Oy, a provider of rehabilitation, care and living services. A 1,500-square-metre nursing home will be completed in February 2014 on Kolohongankuja in Vantaa, with places for 38 elderly residents. The tenant is Uudenmaan Seniorikodit Oy. The third project is located in Laaksolahti, Espoo, with Mainio Vire Oy as the main tenant. The 1,500-square-metre nursing home will have places for 40 elderly residents, and according to preliminary plans, it will be completed in autumn 2014.

“We are most satisfied with the new purchases of the Trevian Care I Fund. The properties obtained comply with the fund’s investment strategy, as the sites have been leased by way of long-term leases and they are located in the Helsinki region where there is increasing demand for care services and high-quality nursing homes,” says Maria Söderman , Portfolio Manager at Trevian Asset Management Oy. 

YIT has extensive experience in the implementation of care projects in the Helsinki region. Two nursing homes converted from barracks buildings have been completed in Hyrylä, and these three new projects are currently under way. The aim is to also launch care projects outside the Helsinki region early next year or spring next year. 

“There been little interest in owning nursing homes in the past, even though all of the parameters have looked actually very positive from the point of view of the owner. Now, the situation seems to be changing, and it is a good thing a new player investing professionally in nursing homeslike Trevian has now entered the market,” says Jarkko Koivisto , Project Development Director at YIT.

For further information, please contact:

Jarkko Koivisto, Project Development Director, YIT Construction Ltd, tel. +358 40 557 6829, jarkko.koivisto@yit.fi

Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi

Maria Söderman, Portfolio Manager, Trevian Asset Management Oy, tel. +358 50 549 7490, maria.soderman@trevian.fi

YIT is a construction industry leader. We create better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over 100 years of experience have secured for us a strong market position: We are the largest housing developer and one of the largest business premises and infrastructure developers in Finland, and the most significant foreign housing and area developer in Russia. Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have more than 6,000 employees in seven countries. In 2012, our revenue amounted to approximately EUR 2 billion. Our shares are listed on Nasdaq OMX Helsinki. www.yitgroup.com

Trevian Asset Management Oy is a Finnish investment and asset management company specializing in commercial properties. The company was established in 2012 and is owned by its key personnel. The company produces actively managed real estate equity funds and asset management services optimized for its customers. The services are focused especially for institutional real estate investors, banks and other professional investors. Trevian’s assets under management amount to approx. 400 M€.