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- Stock Exchange Release
- 10.10.2006 12:20 CET
YIT WILL START RESIDENTIAL CONSTRUCTION IN THE CITY OF YAROSLAVL IN RUSSIA
PRESS RELEASE Oct. 10, 2006 at 13:20
YIT WILL START RESIDENTIAL CONSTRUCTION IN THE CITY OF YAROSLAVL IN RUSSIA
YIT Moskovia has acquired investment right to a plot in Yaroslavl, Russia. YIT has the right to build a block of flats on the plot with about 10,000 square metres of housing approximately 160 flats. The company intends to start up construction in early 2007.
Yaroslavl is located about 250 kilometres northeast of Moscow. The city has over 600,000 inhabitants.
YIT currently builds housing in St Petersburg, Moscow and Moscow Oblast. In 2007, residential construction will also be started in Kazan and Yaroslavl.
YIT aims to step up residential development in Russia by increasing operations in its present territories and by expanding to cities in their vicinity. Over the next few years, YIT also aims to expand its operations into other Russian cities with populations in excess of a million. At the end of June 2006, YIT had a total of over 6,000 residential units under construction in Russia.
YIT Moskovia is presently engaged in residential construction in Moscow and Moscow Oblast. The company will set up a business location in Yaroslavl.
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, 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