Helsinki, 2013-10-17 10:30 CEST (GLOBE NEWSWIRE) -- YIT CORPORATION INVESTOR NEWS 17 October, 2013 at 11:30 a.m.
YIT has acquired a new plot in a satellite city of Yekaterinburg in Russia - plans for over 5,000 apartments
YIT Uralstroi, a Russian subsidiary of YIT, has acquired a 76 hectare plot in Verhnaya Pyshma, a satellite city of Yekaterinburg. The plan is to build over 5,000 apartments on the plot. Such area development projects are a key part of YIT’s strategy. The area will mainly feature three-story low-rise apartment buildings with a total living area of 270,000 square metres. Additionally, facilities for a school and three day care centres will be built as well as areas for outdoor and leisure activities.
The area is well connected to Yekaterinburg thanks to, for example, the Yekaterinburg ring road. The area surrounding the plot in Verhnaya Pyshma is a rapidly developing area that is set to house a significant amount of different commercial services. YIT will focus on residential building in its area.
YIT will pay for the plot in several instalments and it is estimated that construction in the area will begin in 2015 after city planning, currently underway, is completed. The estimated total duration of the project is 10-15 years.
“Construction of modern low-rise apartment buildings is a new concept for YIT Uralstroi and the whole of the local residential market. According to customer surveys, there is already high demand for this type of housing. The project supports the strategic objective of YIT, which is to widen the supply portfolio in the cities where the company operates. We are certain that our clients will appreciate living in a low-rise residential environment close to services and nature,” says Roman Gibov , General Director of YIT Uralstroi.
For further information, please contact:
Teemu Helppolainen, Head of Business Area, Russia, YIT Construction Ltd, tel. +7 915 316 8216, teemu.helppolainen@yit.ru
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, +358 50 390 6750, sanna.kaje@yit.fi
YIT is a construction industry leader. We create better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over 100 years of experience have secured for us a strong market position: We are the largest housing developer and one of the largest business premises and infrastructure developers in Finland, and the most significant foreign housing and area developer in Russia. Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have more than 6,000 employees in seven countries. In 2012, our revenue amounted to approximately EUR 2 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com
