Finnish real estate investment company Sponda has purchased a 46-hectare site near St. Petersburg in Leningrad province through its subsidiary OOO Veika for approximately EUR 9.5 mln. Sponda said the move was part of its strategy to expand its property investment operations in Russia. The company plans to develop the site into a logistics facility covering roughly 160,000 m[sup]2[/sup]. The project is currently under consideration by the authorities and Sponda aims to start planning work on the project this summer.
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