Eastern European Markets
September 6th, 2007

Lemminkäinen acquires land for the construction of over 500 housing units in St. Petersburg

Oka Oy of Lemminkäinen Group has acquired a plot of land in St. Petersburg for the purpose of building approx. 530 housing units.

The plot of land is located in the Obuhovo district, about eight kilometres southeast of the city centre. A 17-storey apartment building with a total floor area of 36,600 m2 will be built on the site. The project also includes the construction of a 110-place parking facility in connection with the apartment building. The total value of the project is approx. EUR 50 million.

A building permit has been obtained and work will start on the site during the autumn in partnership with Lemcon Ltd, also of Lemminkäinen Group. The construction time for the apartment building is two years.

- The location of the site is good. It is within a short distance of the River Neva and right next to a metro station. There are also other services, such schools and day care centres, in the neighbourhood, says the Managing Director of Oy Alfred A. Palmberg Ab, Mr. Risto Bono.

Oka Oy is currently involved in the construction of two other apartment buildings in St. Petersburg. The company’s share of these other projects in 123 housing units.

About Oka
Oka Oy is a building contractor belonging to the Palmberg Group, which itself is part of Lemminkäinen Group. The company’s new building and refurbishment contracting includes competitive tender contracting as well as commercial and industrial developments.

About Lemminkäinen Group
Lemminkäinen Group operates in all areas of the construction sector. Its main business areas are building contracting, infrastructure construction, the building materials industry and technical building services. Net sales in 2006 were EUR 1.8 billion, of which international operations accounted for about a third. The Group employs some 8.700 people. Lemminkäinen’s share is listed on Helsinki Stock Exchange. ons in 41 countries. Konecranes is listed on the OMX Helsinki Stock Exchange (symbol: KCR1V).

Corporate Communications

Further information
Managing Director Risto Bono
Oy Alfred A. Palmberg Ab
Tel. +358 400 100 505

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