Lemminkäinen to make several new housing starts in Helsinki Metropolitan Area

Lemminkäinen Corporation	Press release 22.6.2009 at 10:00                    


LEMMINKÄINEN TO MAKE SEVERAL NEW HOUSING STARTS IN HELSINKI METROPOLITAN AREA

Lemminkäinen Group's Oy Alfred A. Palmberg Ab has made agreements concerning the
construction of several new housing sites.                                      

Espoon Kuusama, a 41-unit apartment building completed in May in the Laaksolahti
district of Espoo, has been sold to Tapiola KR IV Ky, a real estate investment  
fund managed by Tapiola Real Estate Ltd. As a follow-up to the deal, Oy Alfred  
A. Palmberg Ab and Tapiola have agreed on the construction of a new rental      
housing site in Viertola, Vantaa. The 68-unit apartment building will be built  
on a site owned by Oy Alfred A. Palmberg. Planning work will start in           
August-September and the site is expected to be completed in November 2010. The 
project is still awaiting confirmation of funding from the Housing Finance and  
Development Centre of Finland (ARA).                                            

The construction of an 18-unit apartment building (As Oy Helsingin Lammastarha) 
has begun in the Fallpakka district of Helsinki for TA-Asumisoikeus Oy. In      
August-September construction work will start on a 26-unit apartment building   
(As Oy Helsingin Hevoshaka) in Fallpakka and a 38-unit apartment building (As Oy
Espoon Esikko) in the Laaksolahti district of Espoo, also for TA-Asumisoikeus   
Oy.                                                                             

”Selling sites to investors speed up construction and the development of        
residential areas. The present market situation is a good time for investors to 
acquire high-quality rental housing. For the builder, it frees up capital for   
new construction starts,” explains Arto Jokinen, the director responsible for Oy
Alfred A. Palmberg Ab's residential construction.                               


LEMMINKÄINEN CORPORATION                                                        
Corporate Communications                                                        


Additional information:                                                         
Arto Jokinen                                                                    
Head of Residential Construction                                                
Oy Alfred A. Palmberg Ab                                                        
Tel. +358 2071 56167 or arto.jokinen@palmberg.fi                                


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Lemminkäinen Group operates in all areas of the construction sector. The Group's
business sectors are building construction, infrastructure construction,        
technical building services, and building products. Net sales in 2008 were      
approx. EUR 2.5 billion, of which international operations accounted for over a 
quarter. The Group employs about 9,800 people. Lemminkäinen Corporation's share 
is quoted on NASDAQ OMX Helsinki Ltd. www.lemminkainen.com                      

Oy Alfred A. Palmberg Ab is a subsidiary of Lemminkäinen Group's Lemminkäinen   
Talo Oy. The company engages in competitive tender contracting for new          
construction and refurbishment as well as its own developments of commercial and
industrial buildings. The company is Finland's oldest building firm. It operates
in the Greater Helsinki Area. In 2008, Oy Alfred A. Palmberg Ab generated net   
sales of approx. EUR 184 million and employed some 270 people. www.palmberg.fi  

Tapiola KR IV Ky is a limited partnership form of core+/ value added fund that  
invests in new housing companies located mainly in the Helsinki Metropolitan    
Area. The target size of the fund is EUR 140 million. www.kiinteistotapiola.fi  

TA-Yhtiöt develops, administers and owns rental, right-of-occupancy and         
part-ownership housing all over Finland. At the present time some 8,000         
dwellings are owned. The companies owning TA-Yhtiöt's dwellings are             
TA-Asumisoikeus Oy, TA-Yhtymä Oy, Taova Oy, Tarveasunnot Oy and TA-Asunnot Oy.  
www.ta.fi