YIT Lentek and Evli Bank's real estate equity fund EPI (Evli Property Investments) Russia have signed the final agreement 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. The parties signed the letter of intent regarding the projects on November 2, 2006.
The agreement comprises the construction of a 10,000 m2 office building in St Petersburg and a 75,000 m2 logistics centre in Gorelovo, next to Pulkovo, the international airport of St Petersburg. In addition, YIT has reserved EPI Russia the right to expand the logistics centre by about 100,000 m2.
Construction of the office building has begun in 2006. Construction of the logistics centre will begin in summer 2007. Both projects are scheduled to be completed during first part of 2008.
YIT published a stock exchange release regarding signing the letter of intent on November 3, 2006. Evli's press releases can be found at www.evli.com.
For additional information, contact: Juha Vättö, General Director, ZAO YIT Lentek, +358 400 558 164 Peter Forssell, Real estate development director, ZAO YIT Lentek, +358 40 532 2273, email@example.com
Veikko Myllyperkiö Vice President, Corporate Communications
Distribution: Helsinki Stock Exchange, principal media, www.yitgroup.com