YIT starts three new residential projects in Russia

YIT Corporation Investor News December 11, 2018, at 11:00 a.m.


YIT is starting three new residential projects in Russia. The total value of the projects is approximately EUR 40 million.

In St Petersburg YIT is starting the construction of two new residential projects. The second phase of the apartment building project TARMO, located close to the centre of St Petersburg, will start in December. This phase comprises 183 apartments with a total floor area of approximately 9,000 square metres and a value of nearly EUR 18 million. As was done in the first phase of the project, the building which is to be completed in the second phase will also feature Transformer apartments thereby allowing residents to change the floor plan of their apartment according to pre-designed alternatives when their needs change. The building will be completed by the end of 2020. A total of five 11-storey apartment buildings with more than 800 apartments will be built in the TARMO project. A day-care centre for 80 children is planned for the area.

In Pushkin, a suburb of St Petersburg, YIT is launching the construction of the fourth phase of a residential area called INKERI. The fourth phase consists of four 5-storey buildings housing a total of 245 apartments with a total floor area of 10,500 square metres. Some of the apartments are Transformers. The development is located in the vicinity of historical Tsar-era palaces and parks but also near diverse services and excellent transport options. The fourth phase, valued at over EUR 11 million, will be completed during the third quarter of 2020.  

In the city of Yekaterinburg, YIT is constructing an apartment building complex named Suomen Ranta, consisting of five 14–25-storey apartment buildings with a total floor area of approximately 62,500 square metres. In addition to apartments, the premises will feature business premises and two parking facilities for 300 cars. The total value of the project is approximately EUR 67 million, with the area set to be completed in 2023. The area will be constructed in phases. The first phase, now starting, will see the completion of one of the two 25-storey tower blocks situated at the edge of the site. The value of the first phase of the project is roughly EUR 11 million. The block will house 269 apartments with a total floor area of approximately 12,200 square metres. Suomen Ranta is highly accessible, with public transport stations, including the metro, within walking distance. The complex is also near great opportunities for outdoor activities around the footpath along the Iset River. The Mayakovsky Central Park, covering an area of roughly 70 hectares, is just across the river.

All three starting projects will be entered in the order backlog for the fourth quarter of 2018.

For further information, please contact:  

Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 5666 070, hanna.jaakkola@yit.fi  

Teemu Helppolainen, Executive Vice President, Housing Russia segment, YIT Corporation, tel. +7 915 316 8216, teemu.helppolainen@yit.ru 

YIT Corporation  

Hanna Jaakkola  

Vice President, Investor Relations 

Distribution: Nasdaq Helsinki, major media, www.yitgroup.com    

YIT is the largest Finnish and significant North European construction company. We develop and build apartments, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers, our 10,000 professionals are creating more functional, more attractive and more sustainable cities and environments. We work in 11 countries: Finland, Russia, Scandinavia, the Baltic States, the Czech Republic, Slovakia and Poland. The new YIT was born when over 100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. Our pro forma revenue for 2017 was over EUR 3.8 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com