Finnish listed property company Technopolis is to start the construction of the second phase of the Pulkovo Airport Campus in St. Petersburg, Russia.

The project is in line with the company's strategy for 2012-2016 aimed at growing the business outside its home market.

Technopolis, which is active in Finland, Russia and Estonia, said it will invest a total of EUR 42 mln in Pulkovo phase II, which will involve 18,750 m2 of space. Construction is due to begin in February 2012, with completion expected for September 2013. The asset is aiming to receive LEED Silver environmental certification. Lemminkäinen will acts as the principal contractor.

The development is being financed by the European Bank for Reconstruction and Development (EBRD), which will provide a EUR 21 mln credit facility.

'We feel that the current market conditions in St. Petersburg support launching the project at this point. Constructions costs are currently at a reasonable level, and there is demand for Technopolis’ services,' the company said in a statement. The first phase of the Pulkovo centre is 100% occupied.