Sponda Plc has purchased a logistics centre in Vsevolozhsk on the outskirts of St.Petersburg from Hartela Building Services Ltd for a cost of around EUR 10 million. A Letter of Intent was signed on 30 June 2006. The transaction is expected to be completed by the end of September 2006. The Vsevolozhsk district is located in the Leningrad Region, close to the city limits of St Petersburg.
The Vsevolozhsk district is popular with foreign investors and several factories are located in the area. The leasable area of Sponda's new centre is 7,750 mē and the approximately 2.1 hectare site includes storage and office space, enclosed outdoor storage and a transport zone. The project will be ready in August 2006 and the Onninen Group's subsidiary in St Petersburg will be the sole tenant.
Kari Inkinen, Sponda's President and CEO, says: "The agreement just signed is in line with Sponda's new strategy and it marks the company's entry on to the Russian market. Sponda will continue to chart out its investment opportunities in Russia."
News source: kauppalehti.fi
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Business news archive for 30 June' 2006.
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