Lemminkäinen to build a residential complex to St Petersburg
LEMMINKÄINEN CORPORATION INVESTOR NEWS 29 AUGUST 2016 AT 1:30 P.M
LEMMINKÄINEN TO BUILD A RESIDENTIAL COMPLEX TO ST PETERSBURG
Lemminkäinen and Baltic Pearl, a Chinese developer, have signed a contract on the construction of a comfort and business class residential complex ‘Pearl Beach’ in the city of St Petersburg in Russia. Baltic Pearl is a subsidiary of Shanghai Overseas United Investment Holding Co., Ltd. The project will start in September 2016 and is scheduled for completion in June 2019. The parties have agreed not to disclose the value of the contract.
The contract includes the construction of a residential complex comprising six buildings, totalling 936 apartments and underground parking for 720 vehicles. Commercial premises will be located on the first floor. The gross volume of the project is 112,400 square metres.
‘Pearl Beach’ will be located in a residential area called Baltic Pearl in the southwestern district of St Petersburg. In the future, over 30,000 inhabitants will reside in this 205 hectares area.
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Lemminkäinen is an expert in complex infrastructure construction and building construction in Northern Europe and one of the largest paving companies in its market. Together with our customers and 4,800 professionals we employ, we build a sustainable society. In 2015, our net sales were EUR 1.9 billion. Lemminkäinen Corporation’s share is quoted on Nasdaq Helsinki Ltd. www.lemminkainen.com