YIT has sold two housing projects, one in Bratislava and another in Prague, to the YCE I Housing fund. The projects have a combined value of €50m. In Bratislava, YIT sold the third, fourth and fifth phases of STEIN2, where construction on the third phase began this summer and is scheduled for completion in 2019. YIT’s Czech branch began work on the 60 flats in the Koru Vinohradska project in October. This project, due for completion in 2019, was also sold. YIT and YCE I Housing began cooperation in 2016, resulting in a total of 10 such transactions. The arrangement allows YIT to free up capital it has that’s locked up in ongoing projects to take advantage of the residential boom in Bratislava and in Prague. The company is targeting the construction of another 10 projects, with 1,000 flats, in the coming years. YCE Housing I fund is backed primarily by YIT, which has a 40 percent stake. The other investors in the fund, which is managed by Vicus Capital Advisors, are Etera (30 percent) and a group of private Finnish investors.
