YIT and Evli in EUR 100 mln St Petersburg deals

Finland's YIT and Evli Property Investments (EPI) Russia have signed an agreement on the development of an office building and a logistics centre on YIT's plots in St Petersburg. The total value of the projects is EUR 100 mln. YIT will be responsible for the project design and implementation, while EPI Russia, the real estate fund of Evli Bank, will be the owner of a 10,000 m[sup]2[/sup] office building on the Primorsky Prospekt in St Petersburg and a 75,000 m[sup]2[/sup] logistics centre in Gorelovo, close to the city's international airport. The agreement allows for the expansion of the logistics centre by about 100,000 m[sup]2[/sup]. Construction of the office building is to begin before the end of 2006 and is scheduled for completion by the end of 2007. Construction of the logistics centre will begin in spring 2007 and should be completed by the first half of 2008.

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