Finnish real estate manager YIT has acquired two residential plots in St Petersburg by purchasing the shares in a company that owns the land for EUR 37 mln. The plots, measuring a total of 46 hectares, are zoned for housing and YIT said construction of buildings with more than 15,000 residential units is due to start in 2008.
Finnish real estate manager YIT has acquired two residential plots in St Petersburg by purchasing the shares in a company that owns the land for EUR 37 mln. The plots, measuring a total of 46 hectares, are zoned for housing and YIT said construction of buildings with more than 15,000 residential units is due to start in 2008.
YIT also announced on Friday that it has established a joint venture with nine individuals in Yekaterinburg, Russia's fifth largest city, to build 8,200 residential units by the end of the year. The Russia partners are all involved in the construction industry. Annual growth of about 10-15% is forecast in the market for housing construction., YIT said. It has over 6,000 homes under construction in Moscow and St Petersburg.
