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Published: 2014-09-25 09:15:00 CEST
SRV Yhtiöt Oyj
Company Announcement

SRV has signed a EUR 240 million letter of intent to implement Kalasatama’s REDI shopping centre

 

Espoo, Finland, 2014-09-25 09:15 CEST (GLOBE NEWSWIRE) -- SRV GROUP PLC      STOCK EXCHANGE RELEASE      25 SEPTEMBER 2014 AT 10.15 a.m.

SRV has signed a EUR 240 million letter of intent to implement Kalasatama’s REDI shopping centre

SRV has signed a EUR 240 million letter of intent with a group of investors to jointly invest in the capitalization and implementation of the REDI shopping centre and parking facility. The aim is to sign the agreement for the joint investment in October-November 2014, after which construction can be started quickly in Helsinki’s Kalasatama district.

The total investment value of the shopping centre and parking facility is around EUR 480 million, of which, according to the letter of intent, 50% would be financed with the shareholders’ capital investments. SRV’s ownership share of the project would be a maximum of 49%, in which case SRV’s share of the capital investment would be just under EUR 120 million at maximum.

Based on the on-going financing negotiations, SRV estimates that around 50% of the total value of the investment will be financed by project credits. SRV’s goal is to conclude the credit negotiations by the end of 2014. At the same time, SRV aims to sign with the established joint venture an approximately EUR 400 million contract agreement on the implementation of the shopping centre and parking facility, and to start the construction of the project.

The shopping centre, parking facility and two first residential towers have a legally valid building permit. To date, final and preliminary lease agreements have been signed for just under 20% of the property and lease negotiations covering 70% of leasable floor area are under way.

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

www.srv.fi/en

Further information:
Markus Laine, Director, Real Estate Transactions and Investors, tel. +358 504 662 838