SRV continues development of Lapinmäentie project

Espoo, Finland, 2017-03-13 10:00 CET (GLOBE NEWSWIRE) -- SRV GROUP PLC     PRESS RELEASE     13 MARCH 2017, AT 11.00

SRV continues development of Lapinmäentie project in Munkkivuori, Helsinki

SRV took an important step forward in developing a Lapinmäentie project located in Munkkivuori, Helsinki by purchasing a parcel of land at the property located at the address Lapinmäentie 1 from Pohj Landlord (Finland) LLC.

“For several years, we have developed the site, also known as the Pohjola building, under a cooperation agreement, and the deal now concluded is a natural continuation of the project. Lapinmäentie 1 is a very interesting site and well suited to our strategy as a builder of urban centres. There is high demand for centrally located housing next to good transport links and services,” says SRV’s Executive Vice President Timo Nieminen .

In connection with the deal, SRV will lease from OP Tonttirahasto Ky on a long-term lease agreement parcels acquired by OP Tonttirahasto Ky in the same context. The parcels purchased and leased by SRV together form a block in accordance with the current city plan.

“In just over a year, OP Tonttirahasto has increased its investment capacity to approximately EUR 200 million, of which approximately one quarter has been invested through the deal now concluded. In addition to the Helsinki Metropolitan Area, we have also acquired sites in Tampere. The concept has proved to be an effective means of cooperation with builders to increase housing production,” says OP Property Management Ltd’s Managing Director Markku Mäkiaho .

SRV will continue work to develop the Lapinmäentie area in accordance with the city plan adopted in August 2016. Plans for the area include seven new residential towers besides maintained Tower A. New residential towers consist of more than 700 housing units. With regard to Tower A, various alternative concepts are being explored. For example commercial and service facilities and business premises may be located at the site.

Further information:

Timo Nieminen, Executive Vice President, SRV, tel. +358 400 424 552, timo.nieminen@srv.fi Markku Mäkiaho, Managing Director, OP Property Management Ltd, tel. +358 50 529 2055, markku.makiaho@op.fi Pilvi Aalto, Communications Planner, SRV, tel. +358 40 632 5505, pilvi.aalto@srv.fi

www.srv.fi

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