EXTENSION AND ALTERATION PROJECT OF STOCKMANN HELSINKI DEPARTMENT STORE PASSED
TO SRV
Stockmann Plc and SRV Group Plc have agreed that project management and
implementation of the massive extension and alteration works of the Stockmann's
Helsinki department store will be passed to SRV. The agreement covers both the
works now in progress and the completion of the whole project. SRV resumes the
responsibility for all the construction works immediately. Responsibility for
the control of the contracts already made in Stockmann's name will be passed to
SRV. All new subcontracts will be made in SRV's name.
The project has moved to a stage, where the remaining parts of the project
(including the new Delicatessen) can be reviewed as separate entities. By
passing the project management contract Stockmann wants to ensure the schedules,
and to utilise the possibilities to improve the cost efficiency arising from the
cooling of the construction market.
SRV has wide experience in demanding projects in city centers, the best known
being the Kamppi Center. At the moment, SRV is implementing the extension of the
underground parking garage Kamppiparkki and the city service tunnel in the heart
of Helsinki. These works integrate well with the Stockmann project. The majority
and most demanding part of the project is located in underground premises.
In the extension and alteration project, premises in the department store that
are now in other use will be turned into commercial space, and new space will be
built. In the same connection, new underground material handling and service
premises as well as parking for 600 cars will be built.
SRV's share of the project is estimated at EUR 70-80 million, which will be
specified more exactly during the last part of the year, when the parties have
agreed on the scope of the renovation and reconstruction works in the old
property and when the amount of the subcontracts to be invoiced through SRV has
been specified.
The aim is that all commercial premises can be taken into use for the Christmas
sale in 2010. The new parking facilities which have been excavated under the
Mannerheimintie street are scheduled to be taken into use in May 2009. With
this, the Keskuskatu street can be turned into a pedestrian street, which is
supposed to be completed in 2011
SRV Group Plc
Eero Heliövaara
CEO
Further information: SRV Business Premises Ltd, Juha Pekka Ojala, tel. +358
40 733 4173
Distribution:
Nasdasq OMX Helsinki
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