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- Stock Exchange Release
- 27.10.2006 07:15 CET
YIT ACQUIRES BUILDING PLOTS IN ST PETERSBURG FOR OVER 15,500 RESIDENCES
PRESS RELEASE Oct. 27, 2006 at 08:15
YIT ACQUIRES BUILDING PLOTS IN ST PETERSBURG FOR OVER 15,500 RESIDENCES
YIT has acquired two residential plots in St Petersburg by purchasing all the shares in the company that owned the plots for about EUR 37 million. The plots measure around 46 hectares in total and are zoned for housing. The plots are located in northern St Petersburg, on the north side of the Novo-Orlovsky forest park.
YIT will implement residential buildings on the plots. The buildings will measure a total of at least 1,000,000 m2, with more than 15,500 residential units.
Project planning will begin immediately. Construction will be implemented in stages over a number of years. The aim is to start up the construction of the first site in 2008.
The acquisition of this large area enables YIT to step up its residential production in St Petersburg in line with its strategic objectives.
For additional information, contact:
Timo Lehmus, Head of international operations, YIT Construction Ltd, tel. +358 400 409 181, timo.lehmus@yit.fi Sakari Toikkanen, Executive Vice President, YIT Corporation, tel. +358 20 433 2336 Petra Thorén, Vice President, Investor Relations, YIT Corporation, tel. +358 40 764 5462, petra.thoren@yit.fi
YIT CORPORATION
Veikko Myllyperkiö Vice President, Corporate Communications
Distribution: Helsinki Stock Exchange, principal media, www.yitgroup.com