YIT Corporation Investor NewsAugust 25, 2021 at 09.30 p.m.
On 25 August 2021, Helsinki City Council approved the construction phase of the Crown Bridges tramway between Hakaniemi and Laajasalo and the new cost estimate.
In phase 1, a tramway connection will be built from Laajasalo to Hakaniemi. The revised cost estimate for connection is around EUR 326 million, with YIT's share amounting to some EUR 123 million. The contracts are entered in YIT's order book for the fourth quarter of 2021.
The work to be carried out during phase 1 includes the construction of a tramway between Laajasalo and Hakaniemi and the construction of three bridges (Merihaka Bridge, Finke Bridge and Kruunuvuori Bridge). A temporary terminus will be built in Hakaniemi.
The first phase of the project will be carried out as a combination of two contracting models:
The Crown Bridges alliance will build the tramway connection between Laajasalo and Hakaniemi and the Merihaansilta bridge. The aim is to start construction of the tramway line this autumn. In addition to the City of Helsinki and Helsinki City Transport, the alliance includes NRC Group Finland Oy and YIT Finland Ltd, Ramboll Finland Oy, Sitowise Oyj and Sweco Infra & Rail Oy.
The all-in contract will include two bridges between Kalasatama and Kruunuvuorenranta (Finke Bridge and Kruunuvuori Bridge) as well as construction in the land areas in Korkeasaari. The contract was won in May 2021 by the Crown Bridges Consortium formed by Kreate Oy and YIT Finland Ltd. The construction of the bridge contract is planned to start in autumn 2021.
According to the proposal of the Urban Environment Division, so-called related projects in Hakaniemi and Kruunuvuorenranta will also be implemented by the alliance in connection with the construction of the Crown Bridges project. The implementation of the related projects is decided separately by the city.
The planning and preparation of phase 2, i.e. the implementation of a tramway between Hakaniemi and Helsinki Central Railway Station, continues. The constructor and costs of the second phase will be decided later.
For further information, please contact:
Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 576 0288, email@example.com
Aleksi Laine, Head of Traffic Infra, YIT Finland Ltd, tel. +358 (0)40 745 6536, firstname.lastname@example.org
Vice President, Investor Relations
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT is Finland's largest construction company and a significant player in the Northern European construction market. Our goal is to create more sustainable, functional and attractive cities and living environments. We develop and build apartments, business premises and entire areas. We also specialise in demanding infrastructure construction. We own properties together with our partners, which supports the implementation of our significant development projects. We also provide our customers with services that increase the value of properties. We employ approximately 7,400 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2020 was approximately EUR 3.1 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com
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