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SATO purchases 74 new rental homes in St Petersburg

Jun 11, 2014

The company continues to grow – St Petersburg apartment number exceeds 500

SATO Corporation has purchased 74 soon-to-be-constructed rental apartments from NCC in Petrogradskaya, St Petersburg. Located in the ”Skandi Klubb” block, these Business Class apartments are estimated to be available to rent in late 2016. The value of the transaction totals approximately €16.7 million.

SATO already has 237 completed apartments in St Petersburg, with the current purchase taking the number of homes under construction to 293.

Vice President Tuula Entelä from SATO:

- The housing market in St Petersburg is equal to the entire Finnish housing market in terms of volume and, in line with our strategy, we are implementing our growth by investing in rental homes in St Petersburg in addition to Finland.

- In St Petersburg our policy is to acquire centrally located rental homes. These newly-acquired apartments meet our customers' location and quality requirements very well.

- We will continue to look for good housing investment opportunities in St Petersburg. We will, however, be monitoring Russia's political and economical developments very closely before any further acquisitions.

For more information contact:

SATO Corporation
Tuula Entelä, Vice President, Helsinki Region and St Petersburg, phone +358 400 612 914