SRV Yhtiöt Oyj - Company Announcement

SRV wins over EUR 100 million contractor agreement for the expansion of the centre of Tapiola

Espoo, Finland, 2016-06-30 09:30 CEST (GLOBE NEWSWIRE) -- SRV GROUP PLC    
STOCK EXCHANGE RELEASE     30 June 2016 at 10:30 


SRV wins over EUR 100 million contractor agreement for the expansion of the
centre of Tapiola 


SRV has been selected as the project management contractor for a LocalTapiola
Real Estate Asset Management´s Ainoa and Kirjokansi project in Tapiola, Espoo,
where the Tapiola Centre´s comprehensive renovation project will run until
2020. SRV acted as LocalTapiola's project management contractor during the
second construction phase of the Ainoa shopping centre and the Kirjokansi
apartments developed by LocalTapiola. 

The total investment of the Ainoa and Kirjokansi project will be worth about
EUR 500 and the project management contractor agreement for SRV is worth over
EUR 100 million.  The agreement concerning the following construction phases
will be signed on 30 June 2016, after which the contract will entered into
SRV's order backlog. The contract with LocalTapiola and other agreements signed
over the last month will increase the value of SRV's order backlog to
approximately EUR 2 billion. The final order backlog for June will be confirmed
after the interim report is completed. 

“Tapiola is one of the most important centres of Espoo. We are delighted that
LocalTapiola has selected us to continue the expansion of Tapiola's central
block. Cooperation between LocalTapiola and the SRV's project team has been
excellent and the project has remained on schedule. Furthermore, the recent
growth in our long-term order backlog is a good indicator of the functionality
and scalability of the SRV Approach,” says Juha Toimela, Vice President
responsible for SRV’s Business Operations in Finland. 

In Ainoa's third and final construction phase, a new business building will be
built in central Tapiola, complemented by two new blocks of Kirjokansi flats
with a total of 106 apartments. Construction will begin with the demolition of
the current Stockmann department store building, which will be replaced by some
20,000 square metres of new business premises. Ainoa and Stockmann will serve
their customers in Tapiola as usual throughout the construction. Stockmann will
move its Tapiola branch from its current location to the newly constructed part
of Ainoa in 2017.  It is estimated that the third phase of the Ainoa shopping
centre will be completed in late 2019. The blocks of flats to be built on top
of it will be ready in 2020. 

Merituulentie's connecting bus terminal will be constructed under the Ainoa
shopping centre. SRV is also in charge of this construction. Tapiola's new
metro station will be strongly connected to the new bus terminal on
Merituulentie and the Ainoa shopping centre. The new bus terminal will be
opened by the end of 2018. 



For more information, contact:

Juha Toimela, Vice President, Operations in Finland, +358 40 594 5473,
juha.toimela@srv.fi 
Päivi Kauhanen, SVP, Communications, +358 50 598 9560, paivi.kauhanen@srv.fi

www.srv.fi



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