Lemminkäinen will build a 46-house residential area in Istra in the Moscow region. The construction contract was awarded to Lemminkäinen by the Russian OOO Mikrorayon Kantri. The project is financed by Bank ZENIT. The total value of Lemminkäinen's contract is over EUR 100 million.
The design and construction preparations for the project will begin immediately, and construction will start in the autumn 2013. The entire project is estimated to be completed in autumn 2016.
Lemminkäinen will build 46 three-storey detached or semi-detached houses as well as a kindergarten, and an administrative building in a new and popular district. The total floor area will amount to about 130,000 square meters in this first stage of the area development. Lemminkäinen will also take over the design of the residential buildings to meet the needs of young professionals. The masterplanning, design and construction of the area will emphasise Nordic comfort of living, energy efficiency and quality. In co-operation with the customer, Lemminkäinen will also construct the infrastructure, road network and landscaping for an area of 29 ha.
OOO Mikrorayon Kantri is an investment company established for the development of the area. This project is a continuation for a co-operation started in Kazan in 2004 - 2005 when Lemminkäinen built an ice-hockey arena and Bank ZENIT was the financing entity. "This project is an important milestone for us in the Moscow residential construction market in cooperation with a good partner," says Juha Vättö, Acting Regional Director for Russia at Lemminkäinen.
Russia is one of the strategic growth areas for Lemminkäinen. The company has operated in Russia for over 40 years.