Lemminkäinen to construct a new residential site in St. Petersburg
LEMMINKÄINEN CORPORATION STOCK EXCHANGE RELEASE 17 OCTOBER 2012 AT 9 A.M.
LEMMINKÄINEN TO CONSTRUCT A NEW RESIDENTIAL SITE IN ST. PETERSBURG
Lemminkäinen has purchased a plot in central St. Petersburg along the Obvodny Canal, near Moskovsky prospekt. The new project called Tapiola will comprise of around 800 apartments with a total area of around 50,000 square metres. In addition, the site will have around 5,000 square metres of commercial space that is to be sold, and around 350 underground parking spots. The total value of the project is around EUR 170 million. Lemminkäinen is responsible for the development, construction and selling of the site.
Work will commence immediately with planning and demolition. Lemminkäinen targets to start the construction in spring 2013. Roughly a half of the apartments, will be completed in autumn 2014, and the rest in autumn 2015. The apartments will be comfort-business class.
"Our goal is to start the construction of around 1,000 new apartments in St. Petersburg each year. The new site, with great location in the city centre, supports us in reaching this goal", says Timo Kohtamäki, President and CEO.
Timo Kohtamäki, President and CEO
Tel. +358 2071 53263
Henrik Eklund, Executive Vice President, International Operations
Tel. +358 2071 53313
NASDAQ OMX Helsinki
Lemminkäinen Group operates in all areas of the construction sector. The Group's operations are organised into four business segments: building construction, infrastructure construction, technical building services and international operations. Net sales in 2011 were about EUR 2.3 billion, of which international operations accounted for roughly a third. The Group employs 8,000 people on average. Lemminkäinen Corporation's share is quoted on NASDAQ OMX Nordic Exchange Helsinki. www.lemminkainen.com