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Published:
2017-10-05 13:00:00 CEST
SRV Yhtiöt Oyj
Investor News

SRV to build 300 rental apartments for LocalTapiola in Helsinki Metropolitan Area, Kerava and Turku

Espoo, Finland, 2017-10-05 13:00 CEST (GLOBE NEWSWIRE) --
SRV GROUP PLC     INVESTOR NEWS     5 OCTOBER 2017, AT 14.00


SRV to build 300 rental apartments for LocalTapiola in Helsinki Metropolitan Area, Kerava and Turku


SRV and LocalTapiola Asuntosijoitus Suomi Ky have agreed on the construction of around 300 rental apartments. Under the approximately EUR 60 million agreement, SRV will build apartment buildings for LocalTapiola in Niittykumpu, Espoo, in Kerava town centre, and in Turku.

All of the projects to be built for LocalTapiola are located on good transport links. A total of 146 housing units will be built next to the new Metro Centre in Niittykumpu, Espoo. In addition, SRV will build 95 housing units for LocalTapiola right in the heart of Kerava as well as 59 housing units on Kirkkotie, Turku.

“The apartments sold to LähiTapiola in Niittykumpu, Espoo, and in Kerava are good examples of SRV project development, where new shopping centres and housing units adjacent to them are built in an area. In both locations, services are close at hand and the apartments are excellently situated on rail transport links,” says SRV’s Antero Nuutinen, Senior Vice President, Housing in Finland.

The new Metro Centre implemented by SRV began operating in Niittykumpu in June. In late summer, the Niittykumpu area’s old shopping centre, Niittytori, was demolished and now, in its place, will be constructed three residential buildings, comprising more than 200 housing units. SRV has sold two of these buildings to LocalTapiola. In addition, Kerava town centre’s most famous shopping location, the Aleksintori block, will be rebuilt. SRV will construct four new apartment blocks next to the Caruseli shopping centre between 2018 and 2022. SRV has sold one of these to LocalTapiola. The residential building which will be constructed for LocalTapiola in Turku, is part of a larger block where SRV will build a total of four residential buildings.

The deal on the 300 apartments to be built in Niittykumpu, Espoo, in Kerava and in Turku is part of a framework agreement signed by SRV and LocalTapiola Asuntosijoitus Suomi Ky in February 2016 on the construction of 528 non-subsidised rental apartments.

“With this agreement, we will acquire customised small and sought-after apartments. The apartments will be well equipped, just like our existing ones. In addition, preparation has been made in these projects to enable electric cars to be charged at the buildings’ parking spaces,” says LocalTapiola’s Kim Särs, Director of Real Estate Funds.

The housing units included in the agreement will be recognised as income according to degree of completion mainly during 2018. The 300 apartments in question were entered in SRV’s order backlog on the date the agreement was signed, in the third quarter of 2017.

 

For further information, please contact:

Antero Nuutinen, SVP, Housing in Finland, tel. +358 40 531 4918, antero.nuutinen@srv.fi
Tiina Niemi, Communications Manager, tel. +358 40 502 7549, tiina.niemi@srv.fi

www.srv.fi

 

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