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Yit invests in I2 Development

Eurobuild CEE 02 January 2019

POLAND Yit Development is to invest in Wrocław-based developer I2 Development.

To this end I2 is to set up an SPV into which it is to transfer a number of its properties and projects, including the rights and obligations resulting from a number of preliminary sales agreements as well as loans worth PLN 91 mln. The properties to be transferred include Bulwar Staromiejski, stages 1 and 2 of Ogrody Grabiszyńskie, stages 1, 2 and 3 of Avicenna, Żegiestowska and ul. Stalowa. Yit Development will take a 50 pct stake in this company for PLN 50 mln to be paid before June 30th, 2019. In March this year, I2 Development, which has been operating since 2012, announced that it was reviewing its strategic options for the development of its business. Yit is a Finnish construction group listed on the Nasdaq Stock Exchange in Helsinki.

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