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EUR 94 million agreement with City of Helsinki on plots for six REDI residential tower buildings

On Tuesday, 31 May, specific-share land deals were signed for six residential tower building plots of the REDI project, which is being implemented by SRV at Kalasatama, Helsinki. One party to the deals is SRV and companies nominated by SRV, namely Suomen Osatontti Ky, Suomen Asunnot and Tontit I Ky, LähilTapiola Tontit I Ky and Kiinteistöosakeyhtiö Kalasatama Hauki (wholly-owned by Etera Mutual Pension Insurance Company) and the other party is the City of Helsinki. The land deals now concluded are based on the implementation of the REDI project and a decision made in May by the City of Helsinki’s Real Estate Committee to sell the residential tower plots to the SRV-nominated companies. Land deals relating to the two remaining tower building plots will be finalised later.

“Construction work at REDI, Finland’s largest construction project, is already well advanced.  The project’s foundation work is coming to an end and good progress is being made with construction of the framework. At its highest point, the framework will rise from the 17-metre deep site excavation pit to the level of the Itäväylä motorway. Excavation work on the parking facility is also nearing completion. Moreover, nearly 80 per cent of the apartments in Majakka, which will be the first residential tower to be completed, have been reserved, and interest in the apartments has been very high. Leasing of the shopping centre’s premises is currently also proceeding according to plan; by the end of April 2016, 40 per cent of the premises had already been leased,” says Timo Nieminen, Executive Vice President, Project Development in Finland.

As the REDI project advances, a total of eight towers, of which six are residential towers, will ultimately rise at Kalasatama. At the foot of the towers, surrounded by parks and a shore promenade, will be the shopping centre, which will open in 2018.

Overall, REDI is expected to be completed in 2023, depending on market conditions. The total revenue of the shopping centre, parking facility and towers is expected to exceed EUR 1 billion.

Further information:

Timo Nieminen, Executive Vice President, tel. +358 400 424 552,
Juhani Katko, REDI Project Director, tel. +358 40 505 4587,
Heli Pulkkinen, REDI Communications Specialist, tel. +358 50 411 0787,

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