YIT began construction on four apartment buildings in Russia in the first quarter
YIT Corporation Investor News March 28, 2019 at 10:00 a.m.
YIT has started construction on four new apartment buildings in Russia. The buildings are located in St. Petersburg, Yekaterinburg, the Moscow region and the city of Kazan in the Republic of Tatarstan. The combined value of the projects is approximately EUR 34 million and they will consist of about 760 apartments. The start-ups will be entered into the order backlog for the first quarter of 2019.
In St. Petersburg, YIT has begun the fifth phase of the Novo Orlovsky area development project, which involves the construction of a nine-storey building. The apartment building will consist of nearly 200 apartments. Part of the units will be Transformer apartments, which give residents the opportunity to easily adjust the floor plan as their needs change also during the residency. A parking facility for approximately 250 cars will also be built at the property. The project will be completed in the third quarter of 2020.
In Yekaterinburg, YIT has started the fourth and final phase of the Kvartet area development project. The 24-storey building under construction will have 220 apartments. Retail premises will be built on the first two floors. The property is located close to diverse services for families with children as well as sports services. The building will be completed in the last quarter of 2020. In development since 2015, the Kvartet area will consist of nearly 1,000 apartments built by YIT.
In the Moscow region, YIT has started construction on a 15-storey building as part of the Desjatka area development project. The building will consist of more than 150 apartments. The building will be completed in the third quarter of 2020. YIT has been developing the Desjatka residential neighbourhood in the town of Ramenskoye in the Moscow region since 2008, building a total of seven apartment buildings and 126 terraced houses with more than 2,000 residential units combined. Four apartment buildings are currently under construction in the area.
In Kazan, the capital city of the Republic of Tatarstan, YIT will begin construction on the fourth apartment building of the Green residential development. The 19-storey building will have 190 apartments. The building will be completed in the last quarter of 2020. Green will consist of six apartment buildings, a parking building, retail premises, a day-care centre and an outdoor recreational area on the riverside.
For further information, please contact:
Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 5666 070, firstname.lastname@example.org
Teemu Helppolainen, Executive Vice President, Housing Russia segment, YIT Corporation, tel. +791 5316 8216, email@example.com
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 and living services, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers, our nearly 10,000 professionals are creating more functional, attractive and 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 2018 was approximately EUR 3.8 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com