SRV Yhtiöt Oyj - Company Announcement

SRV builds nearly 200 housing units for LocalTapiola and Elo Mutual Pension Insurance Company

Espoo, Finland, 2015-12-21 13:00 CET (GLOBE NEWSWIRE) -- SRV GROUP PLC    
STOCK EXCHANGE RELEASE     21 DECEMBER 2015, AT 14.00 

SRV builds nearly 200 housing units for LocalTapiola and Elo Mutual Pension
Insurance Company 

SRV has signed agreements on the construction of nearly 200 housing units for
LocalTapiola and Elo Mutual Pension Insurance Company. The agreements cover the
construction of 101 housing units for LocalTapiola Asuntosijoitus Ky housing
fund and 89 housing units for Elo Mutual Pension Insurance Company. The housing
units are built in Tikkurila, Vantaa as a part of a quarter project worth
approximately EUR 100 million. Construction of the housing units will commence
immediately and they will be completed in spring 2017. 

“These agreements are a fine continuation of our excellent cooperation with
institutional investors. The agreements are also an indication of our status as
one of the leading housing production companies in Finland’s growth centres.
Our role is also greatly strengthened by efficient consumer sales. The number
of housing units sold to consumers is expected to rise this year by more than
double compared with last year,” explains Antero Nuutinen, SRV’s Senior Vice
President, Housing in Finland. 

There has been strong investment in housing start-ups, which is also reflected
in SRV’s record-high order backlog. During 2015, construction began on a total
of 1,488 new homes and approximately 1,100 of them is sold already. Housing
sales figures have been good throughout the year, and in June a record high in
monthly sales was achieved, when the number of housing units sold reached 150. 

“We have succeeded in focusing our housing production in areas where there is
demand, even though the housing market generally is subdued. In line with its
strategy, SRV will also strengthen its housing production in future, focusing
on Finland’s growth centres and, in these areas, particularly on
developer-contracted projects located in city centers,” continues Nuutinen. 

The projects to be built for LocalTapiola and Elo are part of a quarter
consisting of five housing companies situated in the centre of Tikkurila on the
site of a former Toyota sales outlet. The companies, moreover, have been named
after Toyota car models: the Carina founder contracting site is already under
way, while Verso will be built for Elo and Celica for LocalTapiola, and Lexus
and Starlet are being planned. The quarter will ultimately consist of a total
of 400 housing units for approximately 800 residents. 

“The project under construction at the quarter is our biggest housing project
after Niittykumpu Centre. SRV has been a leader in renewing the main street of
Tikkurila, and a number of city plan changes are in the pipeline. Within ten
years, the look of the main street will change, and we are proud to be a
driving force in this,” says Antero Nuutinen. 

Further information:
Antero Nuutinen, Senior Vice President, Housing in Finland, tel. +358 40 531
918, antero.nuutinen@srv.fi 
Päivi Kauhanen, Senior Vice President, Communications, tel. +358 50 598 9560,
paivi.kauhanen@srv.fi 

www.srv.fi