YIT selected as a partner for the Helsinki Urban development and Tramway Programme Alliance
YIT Corporation Investor News 13 November 2024 at 9:00 a.m.
YIT has been selected as a partner for the development phase of the Helsinki Urban Development and Tramway Programme Alliance. The projects included in the programme are the Western Helsinki tramway, the West Harbour light rail and the Viikki-Malmi light rail, as well as the related investments. The maximum investment estimate specified by the client for the implementation phase is approximately EUR 1,200 million. The estimate will be specified when the content and target costs of the programme become more precise during the separate development phases. Two corporate groups were selected as partners in the Programme Alliance, one of which consists of YIT, NRC Group, Sitowise and Sweco. The signing of the contract is estimated to take place in December 2024.
The Western Helsinki tramway project has an implementation decision by the Helsinki City Council and has been granted state aid in accordance with the MAL agreement. The launch of the West Harbour light rail and the Viikki-Malmi light rail requires decisions by the City Council on the approval of the master plans.
"We are delighted that our group of companies has been selected as a partner to develop the urban environment and tramway projects in Helsinki. YIT has been involved in five tramway alliance projects in Finland, and we are now bringing our strong capabilities and experience to the use of the Programme Alliance in cooperation with our partners. We are excited to be able to develop the programme with our client, towards the vision of the Program Alliance, together we will deliver the best and most responsible urban development in the world,” said Aleksi Laine, EVP of Infrastructure segment at YIT.
In the first part of the Program Alliance, the Western Helsinki tramway and related investments are planned and implemented. The Western Helsinki tramway project includes Vihdintie light rail line, the new tramways of the western inner city on Fredrikinkatu and Topeliuksenkatu, as well as related street investments. The alliances will now start to draw up more detailed construction plans required for the implementation of the Western Helsinki tramway. The construction phase of the project is estimated to start in 2026. Additionally, in the first phase of the programme, general and project plans will be drawn up for the West Harbour light rail line and the Viikki-Malmi light rail line.
In the next stages of the programme, the West Harbour light rail line and the Viikki-Malmi light rail line as well as the related investments will be implemented, if the City Council makes a decision on implementation. The construction phases of these projects would take place between 2027 and 2032.
The objectives of the tramway programme are also more broadly related to the city of Helsinki's urban development. The aim is to create new homes for thousands of residents in a high-quality urban environment along the high-speed railways. In addition to tramways, the projects will also create high-quality walking and cycling environments.
For further information:
YIT’s Corporate communications, tel. +358 44 743 7536, [email protected]
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YIT is a leading construction and development company. Building on over 110 years of experience, we develop and build sustainable living environments: functional homes, future-proof public and commercial buildings, and infrastructure to support the green transition. We employ approximately 4,300 professionals in eight countries. Our revenue in 2023 was EUR 2.2 billion. YIT Corporation's shares are listed on Nasdaq Helsinki.
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