SRV Yhtiöt Oyj - Company Announcement

SRV proposed as developer for the Kalasatama Centre

Espoo, Finland, 2011-03-18 11:00 CET (GLOBE NEWSWIRE) -- SRV Group Stock
Exchange Release on 18 March at 12 pm EET 



The City of Helsinki negotiation group, charged with outlining the
implementation of the Kalasatama Centre, proposes SRV Group as the developer of
the Kalasatama Centre. The Real Estate Committee will discuss the proposal on
22 March 2011, and the City Council are expected to make the final decision on
the developer by April-May, at the earliest. A plan amendment will be prepared
for project as well. 

The new centre will incorporate a commercial centre, to be constructed around
the axis of Itäväylä and the metro line, and six associated residential, hotel,
and office high-rise buildings. The first parts of the centre are projected to
be completed by 2015, with the rest gradually becoming ready by 2021. 

The high-rise buildings are to have 20 to 33 floors, with the tallest being 126
metres high. For the environment above Itäväylä and the metro line, there will
be an expansive lawn-covered deck, which will also serve as a courtyard area
for the residential buildings. The Kalasatama Centre will be twice the size of
Kamppi Centre. 

‘Winning the competition for implementation of the Kalasatama Centre is an
important step for SRV. The project is demanding, but we have the required
experience from implementation of Kamppi Centre. We have also developed a
number of innovations for the project, and we believe that the Kalasatama
Centre will be successful as a new type of urban centre in Helsinki. This
project will be Helsinki's most important urban development project in the
coming years,' says Jukka Hienonen, President and CEO of SRV Group. 

The company has experience of similar projects; SRV's implementation of Kamppi
Centre in 2002-2008 is a key example. ‘SRV succeeded in combining high
residential capacity with a new kind of commercial concept suitable for the
Kalasatama Centre,' states Hannu Asikainen, the project manager for the
Kalasatama Development with the City of Helsinki's Economic and Planning
Centre. 

A centre for social and health services and owner-occupied flats

Implementation of the new centre is a procurement that was open to public
tender under the negotiated procedure, with the party winning the competition
charged with constructing a significant number of city-owned public spaces for
the centre, as well as elements of municipal infrastructure, such as bridges,
streets, extension of the metro platform, and 300 park-and-ride parking spots.
The city will lease, on a 20-year contract, premises for a health and social
services centre with a floor area of approximately 10,000 square metres. 

The Kalasatama Centre will provide residential housing for over 2,000 people,
owner-occupied flats in the main. The centre will be Helsinki's most important
urban development project in the coming years. 

SRV is purchasing the plots and perpetual usufruct required for the centre's
development from the city at a price of almost 115 million euros. Payment will
be spread out over the implementation period. The city will pay almost 50
million euros to SRV for the public spaces to be implemented in the centre on
its behalf. 

Commercial services to be linked with the services of adjacent areas

The service and recreational offering of the Kalasatama Centre will be
integrated with the service supply of nearby areas. 

‘The centre's shops, restaurants, cinemas, and other recreational services are
designed to be accommodated at street level and on the three lowermost floors.
Large retail stores will be below street level,' says Timo Nieminen, the Senior
Executive Vice President of SRV. 

An area comprising basic commercial services has been designed for the centre,
serving both residents and visitors, as well as people transferring from one
mode of transport to another. The upper floors will accommodate stores and
services related to interior decoration, the home, fashion, and leisure. The
centre will also have an area dedicated to exhibitions and events. 

‘Various restaurants will be constructed at the centre, such as a food court
area with fast-food restaurants and a restaurant section consisting of
restaurants of different sizes and in several price categories. The restaurant
section will also incorporate a fresh-food market, aspiring to be a modern
marketplace of the 2010s in line with international trends,' Nieminen
continues. 

In the Kalasatama project, SRV works with Pekka Helin & Co Architects in
architectural design and with Destia in infrastructure design and construction. 



SRV Group Plc

Jukka Hienonen

President and CEO


Press photos
Photos of SRV's competition entry can be downloaded from the City of Helsinki
data bank at http://aineistopankki.hel.fi/?cart=529-kgfcjjaabb&l=FI. 


Distribution:
NASDAQ OMX Helsinki, major media


         For further information, please contact Senior Executive Vice
President Timo Nieminen, at tel. +358 400 424 552.