YIT sells part of its plot in Pushkin, near St. Petersburg
YIT Corporation Press release, June 27, 2018, at 09:00 a.m.
YIT has sold a part of its plot in Pushkin, which is located to the south of St. Petersburg. YIT is building the INKERI low-rise apartment complex on the plot. The object of the sale is 5.4 hectares and the purchase price is approximately EUR 15 million. The buyer is FSK Lider, a Russian real estate development company.
The new owner of the plot can build a total of 50,000 square metres of residential buildings in the area. Plots in the area have the required development documents and building permits granted by the authorities.
YIT will continue to own a plot of approximately 10 hectares, on which it is building five-storey apartment buildings. A total of 13 apartment buildings have been constructed in the INKERI residential area in 2016 and 2017, and four more apartment buildings are being built. In the coming years, YIT will complete the construction of the remaining low-rise apartment buildings on its 5.5-hectare plot. There is good demand for apartments in the area among customers who are looking for a modern and functional apartment.
YIT will recognise a loss of approximately EUR 3.5 million from the sale, which is targeted at the result for the second quarter of 2018. The sale of the plot is part of a programme that aims to reduce the employed capital in Russia. YIT announced this programme in September 2016.
For further information, please contact:
Teemu Helppolainen, Executive Vice President, Housing Russia segment, tel. +7 915 316 8216, email@example.com
Hanna Malmivaara, YIT Vice President, Communications, YIT Corporation, tel. +358 (0)40 561 6568, firstname.lastname@example.org
YIT is the biggest construction company in Finland and a major player in Northern Europe. We construct and develop apartments, business premises and entire residential areas. Furthermore, we are specialists in infrastructure construction and paving. Together with our customers, our 10,000 professionals create increasingly functional, appealing and sustainable cities and living environments. We have operations in 11 countries: Finland, Russia, Scandinavian and Baltic countries, the Czech Republic, Slovakia and Poland. The new YIT was created by the merger of YIT Corporation and Lemminkäinen Corporation, both over 100 years old, on February 1, 2018. In 2017, our pro forma revenue amounted to over EUR 3.8 billion. YIT Corporation’s share is listed on Nasdaq Helsinki. www.yitgroup.com