Helsinki, Finland, 2015-06-09 11:15 CEST (GLOBE NEWSWIRE) -- YIT CORPORATION STOCK EXHANGE RELEASE JUNE 9, 2015 AT 12:15 P.M.
Tieyhtiö Vaalimaa Oy, a project company owned by YIT and Meridiam, signed a service agreement with the Finnish Transport Agency regarding the E18 Hamina–Vaalimaa motorway project
Tieyhtiö Vaalimaa Oy, a project company established and owned by YIT and Meridiam Infrastructure Finance II S.á.r.l, has signed a service agreement with the Finnish Transport Agency regarding the implementation of the E18 motorway between Hamina and Vaalimaa. The construction work will start immediately and is expected to be completed in 2018. The total value of the service agreement including financing is EUR 378 million, of which the value of the construction and maintenance agreements worth approximately EUR 260 million will be recorded in YIT’s order backlog in June.
The project is a public private partnership (PPP) based on internationally accepted precedents, in which the Finnish Transport Agency will procure the design, construction, maintenance and financing of the motorway from the project company, Tieyhtiö Vaalimaa Oy. The ownership structure of Tieyhtiö Vaalimaa Oy is such that Meridiam Infrastructure Finance II S.á.r.l holds 80% of the company and YIT 20% of the company. The project company Tieyhtiö Vaalimaa has signed the construction and maintenance agreements with YIT. European Investment Bank, Nordic Investment Bank and Pohjola Bank Plc are the banks financing the project.
The project comprises approximately 32 kilometres of new motorway construction and other related road alterations. The project will include a highway tunnel, several bridges a nd noise barriers. Also included in the construction is a new waiting area for truck traffic in Vaalimaa. After the completion of the construction work, the project company will be responsible for the maintenance of the motorway until 2034. The project will significantly improve the safety and operability of the road, and high-quality environmental construction and determined environmental consciousness played a major role in project planning.
YIT has been participating successfully in previous E18 motorway construction projects. Tieyhtiö Valtatie 7 Oy, owned by YIT, Destia, Meridiam and Ilmarinen, carried out the E18 Koskenkylä–Kotka road section and it was completed ahead of schedule in autumn 2014. In addition, the consortium comprised of YIT and Kesälahden Maansiirto implemented successfully the E18 Hamina by-pass opened for use in December 2014.
Map of the E18 Hamina-Vaalimaa motorway: Link
For further information, please contact:
Sanna Kaje , Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi Jouni Forsman , Senior Vice President, Infra Services business division, YIT Construction Ltd, tel. +358 40 519 0129, jouni.forsman@yit.fi
YIT CORPORATION
Sanna Kaje Vice President, Investor Relations
Distribution: NASDAQ OMX, major media, www.yitgroup.com
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 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 taking care of our customers, partners and personnel. We have nearly 6,000 employees in seven countries. In 2014, our revenue amounted to around EUR 1.8 billion. Our share is listed on NASDAQ OMX Helsinki. www.yitgroup.com
