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Published: 2014-12-29 09:30:00 CET
SRV Yhtiöt Oyj
Company Announcement

LocalTapiola participates as investor in REDI project

 

Espoo, Finland, 2014-12-29 09:30 CET (GLOBE NEWSWIRE) -- SRV GROUP PLC     STOCK EXCHANGE RELEASE     29 DECEMBER 2014, AT 10.30 AM

LocalTapiola participates as investor in REDI project

LocalTapiola General and LocalTapiola Life have decided to join the REDI investor consortium. The purpose of the joint venture is to implement the REDI shopping centre and parking facility at Kalasatama, Helsinki.

After the participation of LocalTapiola, the capital investment shares of the joint venture that will develop the shopping centre and parking facility will be divided such that SRV’s share is 40%, Ilmarinen Mutual Pension Insurance Company’s share is 30%, the share of OP-Pohjola Group and a fund managed by the Group is 15%, and LocalTapiola’s share is 15%.

The total value of the shopping centre and parking facility investment is around EUR 480 million, of which around 50% is intended to be financed with the shareholders’ capital investments. The rest of the investment, around 50%, will be covered by project credits, the terms of which SRV is currently negotiating with a syndicate of banks. The objective is to sign the bank financing agreements during the first quarter of 2015, after which SRV will sign with the joint venture a contract valued at around EUR 400 million for the implementation of the shopping centre and parking facility, and launch large-scale construction. SRV is responsible for the design, construction and leasing of the project.

SRV Group Plc

Taneli Hassinen
Vice President, Communications
Tel. +358 40 504 3321
taneli.hassinen@srv.fi

www.srv.fi