SRV GROUP PLC INVESTOR NEWS 19 OCTOBER 2026 15:30 EEST
Porthania renovation project moves into the implementation phase – SRV begins construction work
The implementation phase agreement for the Porthania renovation project, which is being carried out as an alliance between SRV, Helsinki University Properties and LPR-architects, has been signed. SRV is the main contractor for the alliance. The value of the implementation phase for SRV is approximately EUR 38 million, and it will be entered into SRV’s order backlog in October 2026. The project supports SRV's objective of increasing the share of renovation construction in its business.
Porthania, located at Yliopistonkatu 3 in central Helsinki, will undergo a comprehensive renovation. Construction work will begin in October 2026, and the project is scheduled for completion in late spring of 2028. Porthania is scheduled to reopen in autumn 2028.
Completed in 1957 and designed by architect Aarne Ervi, the building has a total area of approximately 21,000 gross square metres. As a building of significant architectural and historical value, it is subject to extensive and demanding conservation requirements. The renovation will ensure that the building continues to serve the university’s teaching, research and event activities with modern spatial solutions for decades to come.
The project’s development phase began in autumn 2025. During this phase, the alliance partners jointly developed the project plans and implementation solutions and further specified, among other things, the project’s costs, schedule and objectives.
"During the development phase, we have worked closely and effectively across the entire alliance. I would like to thank Helsinki University Properties, LPR-architects, and all the project’s designers, experts, user representatives and other partners for their excellent cooperation and strong commitment to our shared objectives. The development phase has provided an excellent foundation for us to proceed on to the implementation phase," says Marko Räisänen, Unit Director at SRV.
“During the development phase, the alliance model enabled us to draw on the expertise of the different parties and jointly identify solutions that will allow us to achieve the project’s objectives,” Räisänen continues.
“The aim of the renovation is to update Porthania to meet the needs of multimodal teaching and hybrid work. The building services, façades and roofs will be renewed, while the interior spaces will be developed to be more flexible and user oriented. The teaching facilities will feature solutions that support a variety of teaching methods, ranging from lectures and small-group work to the use of online platforms,” says Jaana Ihalainen, CEO, Helsinki University Properties.
Porthania is a fine addition to SRV’s portfolio of demanding renovation projects involving buildings of significant architectural and historical value. For the University of Helsinki, the company has previously renovated buildings including Snellmania, Think Corner, the Kaisa House and Physicum. SRV’s other major renovation projects include the Kulttuurikasarmi cultural venue, the renovation of the Finnish National Theatre’s newer section, and the Pasila government office complex for Senate Properties.
Further information:
Marko Räisänen, Unit Director, SRV, tel. +358 40 684 4888, marko.raisanen@srv.fi
Tii Salmela, Communications Specialist, SRV, tel. +358 50 302 2507, tii.salmela@srv.fi
Jaana Ihalainen, CEO, Helsinki University Properties, tel. +358 50 570 9580, jaana.ihalainen@helsinki.fi
Photo attached to the release: Pauno Narjus / LPR-arkkitehdit Oy
Distribution:
Media
www.srv.fi/en
You can also find us on social media:
Facebook LinkedIn Instagram
SRV in brief
SRV is a Finnish construction company established in 1987 and Finland’s largest builder of non-residential premises. The company is particularly strong in public sector contracting and lifecycle projects. SRV also delivers non-residential and residential projects in growth centres based on its own project development, and partners with cities on urban development projects.
We are guided by our lifecycle-wise way of building and by our customer promise: By listening, we build wisely. Our revenue in 2025 was EUR 705.6 million. In addition to approximately 700 SRV employees, we worked with a network of around 2,900 partners. SRV is listed on Nasdaq Helsinki.
SRV – Building for life
