The HYY Group will focus on its property investment operations and its other key operations by divesting the property management business carried out by Kaivopiha Ltd. This decision was based on the fact that developing the property management business is not part of the HYY Group’s core business. In connection with the deal to divest the business, Kaivopiha Ltd’s employees will transfer to Ovenia Oy without loss of seniority, and the parties signed an extensive cooperation agreement.

“I am confident that Ovenia wants to further develop the customer service in our properties and to utilise our existing practices in our unique portfolio of properties and organisation,” says Mauri Laurila, CEO of the HYY Group.

“The business deal that was carried out is perfectly suited to Ovenia’s strategy and further strengthens our position as a highly-respected company based in the centre of Helsinki offering property management services. We are proud to have been chosen, and we can now assist in putting the HYY Group’s property investment strategy into effect,” says Mika Valtonen, CEO of Ovenia Oy.

Tero Suvanto, LL.B., CPM, has been appointed the new Director of HYY Real Estate as of 19 March 2012. He has a law degree and extensive experience in the real estate sector. The new Director’s task is to manage the operations of HYY Real Estate, for example ensuring that cooperation with partners runs smoothly, and managing key customer relationships.

Kaivopiha Ltd will continue to operate as a company that is 100% owned by the HYY Group, managing various holdings and services. Kaivopiha is also a public space where the tenants of the HYY Group’s office and retail premises serve customers and other people who move about and spend time in the city. During 2012 the structures in the Kaivopiha area will be renovated, including the lighting and under-pavement heating. Kaivopiha and access to the businesses located there will remain open throughout the entire renovation project. Advium Corporate Finance Ltd advised the seller.

 Further information:

The HYY Group
Mauri Laurila, CEO, tel. 358 (0)40 5021 479 or leave a contract request
with Outi Anttila, tel 358 (0)50 572 7559

Ovenia Oy
Mika Valtonen, CEO, Ovenia Oy, tel. +358 (0)40 726 0006

The HYY Group
The HYY Group is a multibusiness corporate group owned by the Student Union of the University of Helsinki, i.e. the students. Operations comprise real estate and investment activities and the provision of various services. HYY’s five buildings that surround Kaivopiha are a visible and fundamental part of the very centre of Helsinki and its rental market. Responsibility is a part of everything that the HYY Group does. The HYY Group had net sales of EUR 32.9 million in 2011 and profit (before extraordinary items) was EUR 2.3 million. The group employed an average of 228 employees in 2011. www.hyy.fi

Ovenia
The Ovenia Group OY provides customer driven property management services in Finland. With over 30 years of experience, Ovenia is the largest and oldest company in its field. Our comprehensive service offering covers all sub-areas of real estate asset management: property management, real estate management services, asset management, leasing services and life-cycle development services. The Ovenia Group administers a property portfolio amounting to over 10 million square metres in different parts of Finland, and in 2011 the company had a turnover of about EUR 35 million. The company employs 420 property professionals in Finland. www.ovenia.fi