YIT and SATO continue cooperation in St. Petersburg, Russia

YIT St. Petersburg, a Russian subsidiary of the YIT Group, and the Finnish housing investment corporation SATO, have signed a contract, according to which SATO will purchase 80 apartments and 25 parking spaces in YIT’s new housing project Novomoskovsky. The total value of the contract is approximately 13 million euros.

The sold apartments are located in the project’s first phase on Moskovsky prospect, 65 (Admiralteisky district of Saint-Petersburg). The apartments for SATO will be provided with final finishing and built-in kitchen appliances.

 The residential project will be carried out in two phases. The first phase will include the construction of buildings 1 and 2 (318 and 156 apartments, respectively) in the immediate vicinity of a metro station Frunzenskaya. Building 3 (427 apartments) will be constructed in the second phase. The first phase of the residential project will be commissioned in 2015.

“We are very pleased to continue cooperation with SATO in providing a number of new fully finished apartments with an excellent location”, says Mihail Voziyanov, General Director of YIT St. Petersburg.

For further information please contact:

Mikhail Voziyanov, General Director, YIT St. Petersburg, tel. +7921 943 9127, mikhail.voziyanov@yit.ru

Jukka-Pekka Uuskoski, Vice President, Corporate Development, International Construction Services business segment, YIT Corporation, St. Petersburg, tel. +7 921 766 6029, jukka-pekka.uuskoski@yit.ru

 YIT is celebrating its 100th anniversary in 2012. The company was founded in the Grand Duchy of Finland in 1912. Today, YIT is a leading European service company in building systems, construction services and services for industry. With our 26,000 professionals, we serve our customers in 14 countries: in the Nordic and Baltic countries, Central Europe and Russia. We have grown together with our customers and developed our services as societies have changed. We intend to continue on that path. Our vision is to lead the way in creating and maintaining good living environments. In 2011, YIT's turnover was approximately EUR 4.4 billion. YIT's shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com

ZAO YIT St. Petersburg is a YIT Group subsidiary that constructs residential buildings under the YIT Dom service concept in St. Petersburg and the Leningrad Oblast. Company operates also in the field of commercial real estate development. YIT St. Petersburg has delivered more than 670,000 square meters of apartment space and completed more than 170 projects for various purposes, from service stations and water treatment plants to large production facilities for heavy and light industry. www.yitspb.ru

 SATO is one of Finland’s leading corporate investors in housing. SATO owns a total of some 23,500 rentable homes in Finland’s largest centres of urban growth and St. Petersburg. Its investment assets have a fair value of over 2.0 billion euros. In the 21st century SATO has invested some 1.5 billion euros on rentable homes. SATO’s biggest shareholders are Finnish pension insurers and other insurance companies. The Group’s turnover in 2011 was 232.0 million euros and its profit before taxes was 52.1 million euros. Operating profit was 86.6 million euros.