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- Stock Exchange Release
- 03.11.2006 09:00 CET
YIT AND EVLI AGREE ON EUR 100 MILLION REAL ESTATE DEVELOPMENT PROJECTS IN ST PETERSBURG
STOCK EXCHANGE RELEASE Nov. 3, 2006 at 10:00
YIT AND EVLI AGREE ON EUR 100 MILLION REAL ESTATE DEVELOPMENT PROJECTS IN ST PETERSBURG
On November 2, 2006, YIT Lentek and the real estate equity fund EPI (Evli Property Investments) Russia have signed a letter of intent to implement office building and logistics centre projects on YITs plots in St Petersburg. The total value of the projects is about EUR 100 million.
YIT will be responsible for project design and implementation. The owner of the properties will be Evli Banks real estate equity fund EPI Russia I.
The agreement comprises the construction of a 10,000 m2 office building on the Primorsky Prospekt in St Petersburg and a 75,000 m2 logistics centre in Gorelovo, close to Pulkovo, the international airport of St Petersburg. In addition, YIT will reserve EPI Russia the right to expand the logistics centre by about 100,000 m2.
Construction of the office building is scheduled to begin in 2006 and to be completed by the end of 2007. Construction of the logistics centre will begin in spring 2007. The centre is slated for completion in the first half of 2008.
Today, Evli has published a press release on the property projects in St Petersburg. It can be found at www.evli.com.
For additional information, contact: Timo Lehmus, Head of international operations, YIT Construction Ltd, tel. +358 400 409 181, timo.lehmus@yit.fi 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