YIT Construction Ltd and UBS (Lux) Real Estate – Euro Core Fund – Euro Zone (“UBS Euro Core”) have signed an agreement on June 22, 2011 to exchange on the Tiilitie Logistics property in Petikko in Vantaa, Finland. UBS Euro Core will acquire two separate property companies owning a total of approximately 27,000 square metres of modern warehouse and office space upon completion. The two parties have agreed to apply for international LEED certification for the properties. The total value of the transaction is approximately EUR 40 million.
Tiilitie Logistics is comprised of two phases. The first phase was completed in June 2011, amounting to circa 10,700 square metres. The property is fully-let to Tecalemit Environment Oy, Tecalemit Flow Oy, Tecalemit Industrial Oy, Haugen-Gruppen Oy and Suomen Elintarviketuonti Oy Nordqvist. The second phase is currently under construction and due for completion in spring 2012. It will provide premises of about 16,400 square metres, of which Oy Lining Ab will be the main tenant.
Tiilitie Logistics falls in line with the Trade Park concept as developed by YIT. This concept targets occupiers who require versatile and flexible facilities, which enables them to combine office and warehouse facilities under one roof.
"We are pleased with the high level of tenant interest expressed in this logistics concept. It is also very nice to see that the properties suited the portfolio of an institutional investor with Pan-European operations," says Jukka Hanhilahti, Unit Director responsible for YIT logistics projects in the capital region.
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YIT is a leading European service company in building systems, construction services and services for industry. We build, develop and maintain qood living environment in the Nordic countries, Russia, the Baltic countries and Central Europe. In 2010, YIT's revenue was approximately EUR 3.8 billion. The Group has nearly 26,000 employees. YIT's shares are listed on NASDAQ OMX Helsinki. www.yit.fi