YIT CORPORATION PRESS RELEASE APRIL 29, 2011 at 9.30
YIT ACQUIRED 50,000 M2 OF BUILDING RIGHTS IN THE CENTRE OF ST PETERSBURG
YIT’s subsidiary in St Petersburg, YIT Lentek, has acquired a land plot of 2.9 hectares in the historic centre of St Petersburg. The residential complex to be built on the plot will have a total of about 500 apartments i.e. 50,000 sq.m. of buildings. YIT will construct the project in several phases. Start-up of construction works is scheduled for 2012.
The plot is located on Smolny prospect, next to the City government. It is on the Neva river embankment, in the very heart of St. Petersburg - it’s a historical place with cultural heritage and there are green areas close to the plot. Most of the apartments will have beautiful views over Smolny cathedral, the surrounding parks and over the Neva River and Bolsheohtinsky bridge. Acquisition of this remarkable land plot takes YIT to a new level of market presence in St Petersburg.
The plot agreement was done in Q1/2011 and official registration of the plot was finalized this week.
For futher information, please contact:
Kari Kauniskangas, Head of International Construction Services, +358 40 519 0198, email@example.com
Senior Vice President, Corporate Communications
Distribution: principal media, www.yitgroup.com
YIT is a significant European services company operating in the fields of building, construction and industry. We build, develop and maintain a comfortable living environment in the Nordic countries, Central Europe, Russia and the Baltic countries. In 2010 YIT's revenue was EUR 3.8 billion. The Group employs close to 26,000 people. YIT is listed in the NASDAQ OMX Helsinki Stock Exchange.