SRV and Kojamo signed cooperation agreement on construction of rental apartments valued EUR 197 million in Helsinki and Espoo

SRV GROUP PLC     INSIDE INFORMATION     2 MARCH 2020   15.00 EET

SRV and Kojamo signed cooperation agreement on construction of rental apartments valued EUR 197 million in Helsinki and Espoo

SRV Group Plc and Kojamo Plc have signed a cooperation agreement 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, with 291 residential units. The fulfilment of individual projects within the contract is subject to the customary sales terms and conditions.

The projects included in the contract are recorded in the order backlog during the first half of the year as and when the individual contract agreements are signed. The projects will be recognised as income in stages during 2020–2022. When implemented as planned, the cooperation agreement will release approximately EUR 22 million from the company’s balance sheet during year 2020, due to the plots and the invoicing of Kompassi’s pre-construction.

The apartments are mainly studios and two-room apartments. The construction of the projects, including residential tower Kompassi, is expected to start mainly in March-April 2020, following the signing of the contract agreements. The projects will be completed in stages during 2021–2022.

The residential development projects are developed by SRV. These projects are mainly sold to the investor before construction begins. SRV builds housing units in growth centres close to good transportation connections.

“This cooperation agreement is an excellent continuation of our long-term cooperation with Kojamo, responding to housing demand in growth centres,” says Kim Jolkkonen, Senior Vice President, Housing at SRV.

For further information, please contact:
Kim Jolkkonen, SVP, Housing, tel. +358 400 243 144, kim.jolkkonen@srv.fi  
Ilkka Pitkänen, CFO, tel. +358 40 667 0906,
ilkka.pitkanen@srv.fi
Maija Karhusaari, SVP, Communications and Marketing, tel. +358 45 218 3772, maija.karhusaari@srv.fi

Distribution:
Nasdaq Helsinki
Main media
www.srv.fi

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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.

SRV – Building for life

 

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