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- Stock Exchange Release
- 20.09.2006 08:00 CET
YIT acquires plots for 2,200 residential units in St. Petersburg
PRESS RELEASE September 20, 2006 at 09:00
YIT acquires plots for 2,200 residential units in St. Petersburg
ZAO YIT Lentek won the bidding for two plots for blocks of flats in an investment rights auction held by the City of St. Petersburg on September 14, 2006. The first plot is located in the Leninsky area in southwest St. Petersburg and the second in the Primorsk area in the northwest part of the city. YIT has previously won a plot for a block of flats in the Leninsky area in an auction held in the summer on June 15, 2006.
A total of about 150,000 square metres of residential space representing around 2,200 residences can be built on the plots.
Their investment rights cost a total of about EUR 35 million.
Construction on the plots will be started up in stages in 2007-2008.
YITs plot portfolio and the investment rights that have now been won will enable YIT to develop its residential construction in the city of St. Petersburg in line with its growth target over the next few years. At the end of Q2 2006, YIT had a total of 6,082 residential units under construction in Russia.
For additional information, contact: Timo Lehmus, Head of international operations, YIT Construction Ltd, tel. +358 400 409 181 Juha Vättö, Managing Director, ZAO YIT Lentek, tel. +358 400 558 164
YIT CORPORATION
Veikko Myllyperkiö
Vice President Corporate Communications
Distribution: Helsinki Stock Exchange, principal media, www.yitgroup.com