Espoo, Finland, 2017-05-11 09:00 CEST (GLOBE NEWSWIRE) -- SRV GROUP PLC INVESTOR NEWS 11 MAY 2017 at 10.00
Conditional shareholders’ agreement between investor group and the City of Tampere for the implementation of SRV’s Central Deck and Arena project
The Tampere Central Deck and Arena project being developed by SRV is now even closer to being realised, as SRV has agreed on the content of the shareholders’ agreement for the multi-purpose arena with its investment partners, LocalTapiola Group and OP Financial Group’s insurance and pension insurance companies, and the City of Tampere. The current shareholders’ agreement is conditional. It requires both final approval from all parties and fulfilment of the agreement’s implementation criteria, such as the non-appealability of the City’s earlier decisions on the project, the EU Commission’s approval for state subsidy, and guaranteed financing. A final decision on the investment is expected sometime during 2017.
SRV, LocalTapiola Group and OP Financial Group’s insurance and pension insurance companies will form an investor group with equal shareholdings. The intention is for the investor group and City of Tampere to form an arena consortium to develop the multi-purpose arena and training hall. The investor group will also develop the other components of the project: the residential towers, hotel, office and business premises, and parking facility. The project also includes the development of six apartment buildings in Ranta-Tampella.
“This conditional agreement between the investors and the City of Tampere is an important step forward for the project. The uniqueness of the Tampere Central Deck and Arena project comes from its rich, year-round offering of events combined with diverse restaurant, accommodation and entertainment services in a central location near excellent transport connections,” says SRV’s Executive Vice President Timo Nieminen .
If realised, the Tampere Central Deck and Arena project will join east and west Tampere with a brand-new type of hybrid block combining housing, employment and – with space for about 13,000 spectators – Finland’s largest sports and event arena. A hotel, restaurants and other entertainment premises, such as the previously announced second Veikkaus casino, will also be built in conjunction with the arena. The first phase involves covering the southern railway yard with a deck on which the arena and two towers will be built. During the second phase, the investor group will develop the northern deck and three towers. An estimated one thousand new homes will be built by the project as a whole.
The project’s total value is in excess of EUR 500 million, including the multi-purpose arena, the deck’s residential towers, the office and business premises, hotel and the apartment buildings in Ranta-Tampella. Construction of the southern deck and arena is scheduled to begin during 2017. According to the current schedule, the entire project will be completed in 2023. The final schedule will be updated when the investment decision is made.
For further information, please contact
Timo Nieminen, Executive Vice President, tel. +358 (0)40 042 4552, timo.nieminen@srv.fi (on a business trip, available 10–11 am and 17–18 pm) Ilkka Pitkänen. CFO, tel. +358 (0)40 667 0906, ilkka.pitkänen@srv.fi Päivi Kauhanen, SVP, Communications, tel. +358 (0)50 598 9560, paivi.kauhanen@srv.fi
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Artist’s impressions of the Deck and Arena project
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