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- Stock Exchange Release
- 27.10.2006 08:00 CET
YIT TO START UP RESIDENTIAL CONSTRUCTION IN YEKATERINBURG, RUSSIA
STOCK EXCHANGE RELEASE Oct. 27, 2006 at 09:00
YIT TO START UP RESIDENTIAL CONSTRUCTION IN YEKATERINBURG, RUSSIA
On this day, October 27, YIT has signed agreements to establish a joint venture called YIT Uralstroi in Yekaterinburg. The company will focus on residential construction.
The joint venture is being set up with nine private individuals who have long experience in the construction industry. These individuals will also serve in key positions in the new company.
YITs holding in the joint venture will be 71 per cent, with the remaining 29 per cent being divided amongst the private shareholders.
Under the agreements that have now been signed, the investment rights to three plots will be transferred to the new joint venture. Construction works are under way on the plots. About 300 residential units will be built on them.
Yekaterinburg is the fifth-largest city in Russia. It is estimated that about 8,200 residential units will be developer-contracted in the city in 2006. Annual growth of about 10-15 per cent is forecast in the market for housing construction.
In Russia, YIT currently builds housing in St Petersburg, Moscow and the Moscow Oblast. In 2007, residential construction will also be started up in Kazan and Yaroslavl. At the end of September 2006, YIT had a total of over 6,200 residential units under construction in Russia.
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