YIT Lentek and EPI Russia to build logistics center in Saint Petersburg

YIT Lentek of Finland and investment fund EPI Russia have signed a preliminary agreement on the construction of an office building and a logistics center in Saint Petersburg, press center of YIT Lentek reports according to RBC. The press center says the investments into the project total about EUR 100 million. The construction is to be held at YIT-owned plots in Saint Petersburg. YIT will design and build the facilities and EPI Russia, which is owned by Evli Pankii Bank, will become the owner of the real estate. The agreement envisions the construction of a 10,000-square meter office building on Primorsky Prospekt in St. Petersburg and a 75,000- square meter logistics center near the international terminal of Pulkovo airport. Besides, YIT reserves the right for 100,000-square meter extension of the logistics center for EPI Russia. Construction of the office building will begin in 2006 and last until the end of 2007. The construction of the logistics center will start in early spring 2007 and end in the first half of 2008.