November 03, 2006
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 YIT's 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 Bank's 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.
YIT is a versatile service company that offers technical infrastructure investment and upkeep services for the property and construction sector, industry and telecommunications. In all sectors of operations, the Groups services cover the entire life cycle of projects. YITs main market areas are the Nordic countries, the Baltic States and Russia. The group has over 21,000 employees in eight countries. YIT's share is listed on the Main List of Helsinki Exchanges under the Industrials heading. www.yit.fi
For further information
Timo Lehmus, Head of international operations, YIT Construction Ltd, tel. +358 400 409 181, email@example.com
Petra Thorén, Vice President, Investor Relations, YIT Corporation, tel. +358 40 764 5462
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