Construction of the main building of the Laakso joint hospital starts accumulating SRV's order backlog by EUR 218 million

SRV GROUP PLC                          INVESTOR NEWS                        20 NOVEMBER  2023, 14:45 EET

Construction of the main building of the Laakso joint hospital starts accumulating SRV's order backlog by EUR 218 million

SRV, Kiinteistöosakeyhtiö Laakson yhteissairaala (real estate company), the Laakson LATU consortium, the Unitas consortium and Granlund have signed an order for the implementation phase of the northern part of the main building Laakso Joint Hospital. The order is valued at approximately EUR 230 million, of which SRV's share is approximately EUR 218 million, and it will be recognised in SRV's order backlog for November 2023 further strengthening company's order backlog.

The order is part of the approximately EUR 800 million contract for the Laakso joint hospital project, which will be recognised in SRV’s order backlog as orders for the phases are placed from 2022 to 2030. EUR 90 million has already been recognised in the order backlog earlier. The project will not tie up any of SRV’s capital. The project is one of the similar cooperational business premises construction projects that have transferred in SRV's growing order backlog after a development phase. Similar public projects are among others the Annex of the National Museum in Helsinki and the Sammontalo multi-purpose building being implemented in Lappeenranta.

The main building of the Laakso Joint Hospital has an area of ​​approximately 95,000 gross square meters, and its northern part, the order of which has now been placed, is approximately 58,000 gross square meters. The construction of the northern part will start in December 2023 and it is scheduled to be completed in December 2026.

“The development phase of the main building has progressed excellently by all measures. The goals for the first part have been achieved despite the challenging market situation. We are once again one step closer to the project's mission, i.e. the best possible hospital of the future for patients, customers and employees, as well as for research and teaching. Next month, the project will enter the long-awaited implementation phase of the main building,” says Ossi Inkilä, project manager of Laakso Joint Hospital Alliance and SRV’s Unit Director, Business Premises, Helsinki Metropolitan Area.

“During the development phase of the northern part of the main building the alliance partners have worked together to identify the optimal solutions to meet the project’s qualitative and financial objectives. At the same time, other sub-projects have also been developed. It is great that we will be carrying out this demanding project with experienced partners like SRV,” says Marko Virtanen, Managing Director of the Kiinteistöosakeyhtiö Laakson yhteissairaala real estate company.  

Representatives of end-users closely involved

The future users of the hospital – the personnel of HUS and the City of Helsinki’s Social Services, Health Care and Rescue Services Division – play an important role in the project. They are working closely with the designers and builders. This ensures that the end result meets the needs of personnel, patients, clients and their relatives. The design process involves building model rooms so it is possible to simulate hospital activities and verify the functionality of the premises.

Lifecycle objectives drive the design, engineering and implementation

The new buildings in the Laakso Joint Hospital project are being designed and implemented to achieve an energy efficiency rating of at least 10% better than the national regulatory level and in compliance with the EU Taxonomy, a sustainability classification system. The project also involves renovating two existing buildings, including energy-efficiency improvements.

Waste sorting rate of nearly 99% on the site

The waste arising on the construction site will also be sorted in a way that promotes reuse on-site, and materials will be recycled as much as possible. At present, nearly 99% of the construction site waste is sorted. This is an exceptionally good result, as the threshold in the EU Taxonomy is 70%.

SRV issued a stock exchange release in April 2021 to announce the signing of an alliance agreement. The release estimated the project value at EUR 730 million. As the costs have increased since the time when the customer's first cost estimates have been completed, the value of the project for SRV is now approximately EUR 800 million.

For further information, please contact:

Ossi Inkilä, Project Manager of Laakso Joint Hospital Alliance and Unit Director, Business Premises, Helsinki Metropolitan Area, SRV, tel. +358 (0)40 708 2253,

Heli Pulkkinen, Communications Specialist, SRV, tel. +358 (0)50 411 0787, 

Marko Virtanen, Managing Director, Kiinteistöosakeyhtiö Laakson yhteissairaala real estate company, tel. +358 (0)40 139 4300,

Sari Korolainen, Communications Manager, Kiinteistöosakeyhtiö Laakson yhteissairaala, tel. +358 (0)40 841 3600,

Further information about the project:

Client: Kiinteistöosakeyhtiö Laakson yhteissairaala (City of Helsinki and HUS)

Prime contractor: SRV

Main and architectural design: Laakson LATU (Arkkitehtitoimisto Tähti-Set, AW2-Architects, Lukkaroinen Architects and UKI Arkkitehdit)

Structural, geological and rock engineering: Unitas (AFRY Finland, A-Insinöörit)

HVAC, electrical and automation design: Granlund

Images used in the bulletin: Laakson LATU (Arkkitehtitoimisto Tähti-Set, AW2-Architects, Lukkaroinen Architects and UKI Arkkitehdit)


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