Helsinki, 2013-08-09 14:15 CEST (GLOBE NEWSWIRE) --
Caverion Corporation INVESTOR NEWS 9 August 2013 at 3:15 p.m.
Caverion and YIT to carry out the renovation and expansion project of Lintuvaara school and day care centre in Espoo, Finland, using the life cycle model
Caverion and YIT have today, on 9 August 2013, jointly entered into an agreement with the City of Espoo to carry out the renovation and expansion of Lintuvaara school and day care centre using the life cycle model. The total value of the contract is over EUR 30 million, of which YIT’s share is approximately EUR 14 million and Caverion’s share over EUR 16 million. The contract includes life cycle responsibility for a period of 25 years.
The project will be implemented in cooperation by YIT and Caverion. YIT is responsible for the construction phase, while Caverion will implement the building systems and assume responsibility for the life cycle service contract of 25 years. Caverion will provide facility maintenance services and be responsible for the effectiveness, usability, condition and energy management of the premises for the full duration of the life cycle contract.
The building’s energy efficiency will be improved by utilising geothermal energy for heating and cooling, demand-controlled ventilation and lighting as well as partial LED lighting.
The project planning stage is set to begin immediately. Construction will start at the beginning of 2014 and the project is estimated to be completed in June 2015.
The project is the first joint life cycle project between YIT and Caverion after YIT’s partial demerger into two separate companies on 30 June 2013, the date on which building systems and industrial services provider Caverion Corporation began operations. Going forward, the two companies will continue to focus on life cycle projects.
The life cycle model is becoming an established approach in public projects, and life cycle projects have already been implemented in numerous municipalities across Finland. The City of Espoo is a pioneer in the implementation of life cycle projects.
- The City of Espoo has previously implemented a number of projects using the life cycle model and other partnership-based approaches. The experiences of the life cycle model have been positive, and the present contract is the third that we have entered into using this approach to competitive tendering. It provides the City of Espoo with a school and day care centre that will remain in good working condition for at least over 25 years. The renovation of Lintuvaara school is the seventh project implemented under this model, says Olavi Louko, Director of Technical and Environmental Services at the City of Espoo.
The life cycle model provides the municipality effective facilities under a risk-free solution, with the service provider assuming full responsibility for planning, construction and maintenance.
- We believe that life cycle projects substantially improve quality and the cooperation between the various parties involved in a construction project in the long term, says Project Development Director Hannu Soikkeli of YIT Corporation. - In the life cycle model, we as the service provider are responsible for the effectiveness, usability and condition of the property throughout the life cycle contract period, thereby ensuring that the school and day care centre are healthy and safe for users at all times. Systematic and proactive property maintenance helps prevent the creation of a maintenance backlog and issues such as moisture problems. The optimisation of energy consumption is also part of the service we provide, explains Jarno Hacklin, Managing Director at Caverion Suomi Oy.
For further information, please contact: Hannu Soikkeli, Project Development Director, YIT Construction Ltd, tel. +358 400 409 445, hannu.soikkeli@yit.fi Ville Tamminen, Senior Vice President, Sales and Marketing, Caverion Suomi Oy, tel. +358 50 390 0129, ville.tamminen@caverion.fi Mika Rantala, Project Manager, City of Espoo, Premises Department, tel. +358 46 877 2843 mika.j.rantala@espoo.fi
Caverion designs, builds and maintains user-friendly and energy-efficient building systems and offers industrial services. Our services are used in offices and retail properties, housing, public premises and industrial plants, among other places. We aim to be the number one building systems company in Europe. Our strengths include technological competence and customer-oriented service, covering all building systems throughout the life cycle of the property. Caverion was established through the demerger of building services and industrial services businesses from YIT Group in July 2013. Our revenue for 2012 amounted to approximately EUR 2.8 billion. Caverion has over 18,000 employees in 13 countries in Northern and Central Europe. Caverion’s shares are listed on NASDAQ OMX Helsinki. www.caverion.com
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 housing, 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
