YIT established a joint venture with Usaldusfond EfTEN Special Opportunities Fund to continue developing the Piliamiestis residential area in Kaunas, Lithuania

YIT and Usaldusfond EfTEN Special Opportunities Fund have established a joint venture, in which both parties hold 50 % ownership stake, to develop the next phase of the Piliamiestis residential project in Kaunas, Lithuania. The development is located on the banks of the Neris River at Brastos g. 20. The parties have agreed not to disclose the value of the contract.

The partnership accelerates the systematic expansion of the Piliamiestis urban development project. YIT will act as the main contractor for the project. The project will be implemented in three phases. The first phase includes two residential apartment buildings comprising 73 apartments and 13 commercial units; construction of this phase began in autumn 2025. In the following two phases, four additional residential apartment buildings will be constructed, providing a total of 143 apartments and 13 commercial units. Public infrastructure along the riverfront will also be further developed, including the expansion of the embankment and the construction of new pedestrian and cycling paths.

"The partnership creates a strong foundation for the determined development of the Piliamiestis project, combining a clear direction, high quality standards and steady progress. In our development work, we consistently follow the principle of long-term value creation - investing not only in buildings but also in the overall living environment, enhancing the quality of life for customers, communities, and cities," says Kęstutis Vanagas, CEO of YIT Lietuva.

"The investment is aligned with our criteria - an attractive location, a compelling concept, strong architectural solutions, and a solid partnership with YIT. This marks the first investment of the EfTEN Special Opportunities Fund in Kaunas and brings the fund close to the completion of its investment phase, with the full EUR 40 million of capital committed. We are confident that this partnership will ensure consistent execution of the project and create sustainable value for both the city and our investors," says Karolis Ražukas, Chief Investment Officer at EfTEN Capital Lithuania.

Further information:
YIT Group Communications, tel. +358 44 743 7536, press@yit.fi

Distribution: NASDAQ Helsinki, major media, www.yitgroup.com/en

YIT builds thriving living environments in Europe. For more than 110 years, we have made everyday life smoother by building homes for a good life, spaces where people and businesses can thrive, and infrastructure that supports the essential functions of society. We operate in seven countries and employ approximately 4,100 professionals. In 2025, our revenue was EUR 1.8 billion. YIT Corporation's shares are listed on Nasdaq Helsinki.

Read more: www.yitgroup.com and follow us on Linkedin I X I Instagram I Facebook