In pursuit of its strategy to expand its property investment operations in Russia, Finnish Real estate investment company Sponda Plc through its subsidiary OOO Veika has purchased a 46-hectare land site near St. Petersburg in Leningrad province for approx. €9.5 million.
The company plans to develop the site in stages into a logistics facility covering roughly 160,000 m² in stages. The project is currently being considered by the authorities and the aim is to start the planning work during summer 2007.
Source: Sponda
