YIT - Company Announcement

YIT started the construction of the third phase of the Smolny prospekt premium apartment complex in St. Petersburg, Russia

Helsinki, Finland, 2014-02-20 11:00 CET (GLOBE NEWSWIRE) -- YIT CORPORATION    
  STOCK EXCHANGE RELEASE              FEBRUARY 20, 2014 AT 12:00 

YIT started the construction of the third phase of the Smolny prospekt premium
apartment complex in St. Petersburg, Russia 

YIT has started the third and the final phase of the Smolny prospekt apartment
complex in the historic centre of St. Petersburg. Comprising a total floor area
of nearly 19,000 square metres, the third phase consists of approximately 150
apartments ranging in size from studio apartments to five-room homes. The third
phase is estimated to be completed by the end of 2017 and its value is nearly
EUR 150 million. 

The first phase of the project, started in late 2012, involves the renovation
of three historical buildings that will house approximately 30 apartments.  The
original facades of the buildings, which date back to the 1800s and early
1900s, will be maintained. The second phase, consisting of the construction of
approximately 250 apartments, was started in autumn 2013. A safe, car-free
inner courtyard will be constructed in the area enclosed by the buildings that
form the Smolny prospekt complex, including a park as well as sports fields and
playgrounds. Parking space for the residents of the building will be provided
in a two-level underground car park. The buildings currently under construction
will also feature business premises on the lower floors, 39 units in total. 

The location, design and implementation of Smolny prospekt make it a business
and elite class project. The floor to ceiling height will be at least three
metres in all apartments, and the windows offer excellent views of the Neva
River, Smolny Cathedral and the city's treasured historic centre. The Taller de
Arquitectura studio of the Spanish architect Ricardo Bofill is responsible for
the overall design of the apartment complex. Architecturally, the development
blends in well with the surrounding historical buildings. 

“The project is in a premium location in St. Petersburg, near Smolny Cathedral.
The historic value of the location requires us to exercise particular
responsibility and maintain a high level of quality in the implementation of
the architectural solutions of the new buildings. The demand for the business
premises and the apartments of the first two phases of the project has been
excellent and we are confident that the third phase will also attract a lot of
interest among customers,” says Mikhail Voziyanov, General Director, YIT St.
Petersburg. 



For additional information, please contact:

Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50
390 6750, sanna.kaje@yit.fi 

Jukka-Pekka Uuskoski, Vice President, Corporate Development, St. Petersburg,
YIT Construction Ltd, tel. +7921 766 6029, jukka-pekka.uuskoski@yit.ru 



Distribution: NASDAQ OMX, principal media, www.yitgroup.com



YIT is a construction industry leader. We create better living environments in
Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over
100 years of experience have secured for us a strong market position: We are
the largest housing developer and one of the largest business premises and
infrastructure developers in Finland, and the most significant foreign housing
and area developer in Russia.  Our vision is to stay one step ahead - while
caring for our customers, partners and personnel. We have more than 6,000
employees in seven countries. In 2013, our revenue amounted to nearly EUR 1.9
billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com