YIT signs an agreement with Plaza Lotus Group on construction of a hotel in St. Petersburg

YIT has signed an agreement with LLC Novyi Vek, being a part of the Plaza Lotus Group, on the construction of the first phase of a hotel in the southern part of St. Petersburg. The hotel will be constructed in the Moskovski district, on the plot opposite the Kuptshino metro station.

The first phase of the contract includes four 7–21-storey buildings with 534 hotel rooms. Also, an underground parking garage as well as parking facilities for bicycles and cars of people with impaired mobility will be constructed. There will be office spaces on the first and second floor of the hotel.

The first phase of the construction will be launched in the second quarter of 2018 and completed in the second quarter of 2020. The contract will be entered into the order backlog for the second quarter of 2018. The parties have agreed that the transaction value will not be published.

Plaza Lotus Group is the investor and developer of the hotel. Plaza Lotus Group is currently constructing a network of hotels in cooperation with its partners.

“YIT is a reliable and customer-oriented partner who constructs with high quality, remains in schedule and operates according to the occupational safety regulations. For YIT´s contracting business Plaza Lotus Group is a significant new customer and partner,” says Tapio Särkkä, Senior Vice President, YIT Housing Russia, Contracting.

Further information:
Tapio Särkkä, Senior Vice President, YIT Housing Russia, Contracting, tel. 7 812 718 3486, tapio.sarkka@yit.ru  
Hanna Malmivaara, Vice President, Communications, YIT Corporation, tel. +358 40 561 6568, hanna.malmivaara@yit.fi

YIT is the biggest construction company in Finland and a major player in Northern Europe. We construct and develop apartments, business premises and entire residential areas. Furthermore, we are specialists in infrastructure construction and paving. Together with our customers, our 10,000 professionals create increasingly functional, appealing and sustainable cities and living environments. We have operations in 11 countries: Finland, Russia, Scandinavian and Baltic countries, the Czech Republic, Slovakia and Poland. The new YIT was created by the merger of YIT Corporation and Lemminkäinen Corporation, both over 100 years old, on February 1, 2018. In 2017, our pro forma revenue amounted to over EUR 3.8 billion. YIT Corporation’s share is listed on Nasdaq Helsinki. www.yitgroup.com