Eastern European Markets

March, the 8th 2010

YIT Ehitus to build facilities for tower construction management in Riga, Latvia

AS YIT Ehitus, a subsidiary of YIT Construction (Finland) has signed an agreement to build new facilities for SIA Towers Construction Management in Riga, Latvia. The project will include office; hotel and retail facilities thatwill be constructed on foundations and underground premises that have already been completed. The agreement between AS YIT Ehitus and SIA Towers Construction Management will be to construct the frame and façades. The contract sum will be determined based on actual works being completed. The first stage of works is expected to be approximately 40 million euro.

SIA Towers Construction Management will build the towers on behalf of the owner, SPI Real Estate Holdings, a Luxemburg-based real estate developer, part of the SPI Group. The building consists of 2 circular high rise towers 31 floors and 29 floors. The tallest tower will reach 120 metres and the total area of the premises will be approximately 100 000 square meters of which 70.000 are located above ground. The Hotel tower is to be operated by Starwood hotels and Resorts Worldwide, Inc. under the brand name Sheraton.

“The innovative construction of the two connected buildings is bound to become one of the outstanding architectural landmarks in the Baltic Region,” said Val Mendeleev, CEO of SPI Group. “We are excited about this project, which we believe will be a promising one despite the economic circumstances of the region.”

In commenting on the choice of general contractor, he added “our Group made a thorough analysis of the General Contractors whose business concept is to help its customers to invest profitably and to maintain the value of investments. We are looking forward to an excellent co-operation with YIT.”

For further information, please contact:
Kari Kauniskangas, President, YIT Construction Ltd, tel. +358 40 519 0198
Margus Poim, MD, YIT Ehitus,, tel +372 5041068
Olegs Alainis, Board Member, SIA Towers Construction Management
tel. + 371 292 40932

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