SRV and Kojamo signed a contract for Kompassi – Construction of the third residential tower in Helsinki Kalasatama begins

SRV GROUP PLC     INVESTOR NEWS     21 APRIL 2020   16.00 EET

SRV and Kojamo signed a contract for Kompassi – Construction of the third residential tower in Helsinki Kalasatama begins

SRV and Kojamo have signed contract agreement on construction of Kompassi residential tower for Kojamo. Kompassi is a rental apartment building. The project was recorded in SRV’s order backlog in the second quarter of 2020. The project is part of EUR 197 million cooperation agreement with Kojamo, announced earlier this year.

The rental apartment building, now recorded in the order backlog, will be located in Kalasatama, Helsinki. The apartments, altogether 291 units, are mainly studios and two-room apartments. The construction will start immediately and the project will be completed in 2022.

“Kompassi is a good example of project, where we have strong customers and which do not significantly tie up SRV’s capital. When implemented as planned Kompassi will release approximately EUR 22 million from the company’s balance sheet during year 2020. I am delighted to see that with our recovery programme our customers trust us and we have been able to start several new projects this year,” says Saku Sipola, President and CEO of SRV Group Plc.

“With our long-term cooperation with Kojamo, we respond to housing demand in growth centres. Kompassi, which construction now begins, will have excellent location in the vicinity of good transport connections,” says Kim Jolkkonen, Senior Vice President, Housing at SRV.

SRV Group Plc and Kojamo Plc signed a cooperation agreement on 2 March 2020 on construction of rental apartments valued of EUR 197 million in Helsinki and Espoo. The contract includes a total of six residential development projects, with a total of 676 residential units. The contract includes Kompassi, a residential tower in Kalasatama, Helsinki. The residential tower will have 31 floors with 291 residential units and the tower will rise 120 meters high.

For further information, please contact:
Saku Sipola, President & CEO, tel. +358 40 551 5953, saku.sipola@srv.fi  
Kim Jolkkonen, SVP, Housing, tel. +358 400 243 144,
kim.jolkkonen@srv.fi 
Maija Karhusaari, SVP, Communications and Marketing, tel. +358 45 218 3772, maija.karhusaari@srv.fi

The picture attached Arkkitehtitoimisto Helin & Co, Voima Graphics Oy, SRV.

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SRV in brief
SRV is a developer and innovator in the construction industry. We want to offer the best customer experience as a constructor of urban city centres, while also being the most attractive employer in the industry. Our genuine cooperation and enthusiasm for our work comes across in every encounter. Sustainability is reflected in all our activities.

Established in 1987, we are a publicly listed company since 2007 in Helsinki Nasdaq stock exchange that operates in selected growth centres in Finland and Russia. Our revenue in 2019 was EUR 1,061 million. Over 1,000 people work for us and we employ a network of almost 4,000 subcontractors in our projects.

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