SRV Yhtiöt Oyj - Company Announcement

LocalTapiola participates as investor in REDI project

Espoo, Finland, 2014-12-29 09:30 CET (GLOBE NEWSWIRE) -- SRV GROUP PLC    
STOCK EXCHANGE RELEASE     29 DECEMBER 2014, AT 10.30 AM 

LocalTapiola participates as investor in REDI project

LocalTapiola General and LocalTapiola Life have decided to join the REDI
investor consortium. The purpose of the joint venture is to implement the REDI
shopping centre and parking facility at Kalasatama, Helsinki. 

After the participation of LocalTapiola, the capital investment shares of the
joint venture that will develop the shopping centre and parking facility will
be divided such that SRV's share is 40%, Ilmarinen Mutual Pension Insurance
Company's share is 30%, the share of OP-Pohjola Group and a fund managed by the
Group is 15%, and LocalTapiola's share is 15%. 

The total value of the shopping centre and parking facility investment is
around EUR 480 million, of which around 50% is intended to be financed with the
shareholders' capital investments. The rest of the investment, around 50%, will
be covered by project credits, the terms of which SRV is currently negotiating
with a syndicate of banks. The objective is to sign the bank financing
agreements during the first quarter of 2015, after which SRV will sign with the
joint venture a contract valued at around EUR 400 million for the
implementation of the shopping centre and parking facility, and launch
large-scale construction. SRV is responsible for the design, construction and
leasing of the project. 

SRV Group Plc

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

www.srv.fi