SRV GROUP PLC INVESTOR NEWS 29 April 2026 at 12.30 EEST
SRV to build 49 residential units in Espoo for ICECAPITAL’s housing fund
SRV and ICECAPITAL Housing Fund VII Ky have signed an agreement on the construction of 49 rental units in Vermonniitty, Espoo. The agreement is valued at EUR 12.3 million. The order will be recognised for April and it supports SRV's strategy that focuses on increasing the share of revenue accounted for by housing construction and projects based on in-house development. Construction will begin in May 2026 and is currently scheduled for completion in summer 2027. The project will be carried out as a turnkey contract with SRV taking on end-to-end responsibility.
"Piaffe is a great example of SRV's project development and ability to develop lifecycle-wise projects in good locations, also for real estate investors. Activity among real estate investors has developed favourably over the past year, and we believe that this positive trend will remain strong this year as well,” says Samu Lamminen, Head of Transactions at SRV.
"SRV's objective is to step up the volume of housing construction in the years ahead. In addition to our own housing production, we carry out a variety of housing projects for our customers. We have been involved in the development of the Vermonniitty area for many years, and have previously built several housing projects there for our customers," says Jorma Seppä, Executive Vice President, Housing, Helsinki Metropolitan Area at SRV.
“We are pleased to start the co-operation with SRV right at the beginning of our new fund,” says Mikko Suominen from ICECAPITAL. “The timing of our housing fund, which made its first closing in the spring and focuses its investments on the Helsinki Metropolitan Area, is excellent. We are investing in a market where the oversupply of rental housing is slowly being eliminated, while the price level of properties is still moderate,” continues Suominen. ICECAPITAL’s seventh housing fund in the series continues twenty years of successful investment in privately financed housing in growth centers.
Lifecycle-wise homes
The eight-storey Piaffe will be built using a lifecycle-wise approach that takes into account the interests of the people and the environment, as well as financial wellbeing. The building will meet Energy Class A standards, and it will harness renewable sources in its energy production to help reduce energy costs. Solar panels will be installed on the building's roof, and geothermal energy will be used to heat the units. Electricity generated by solar panels will used in common areas.
The eight-storey Piaffe will be part of a large complex of five buildings around a green and diverse courtyard. The Piaffe courtyard will offer plenty of space for activities such as exercise and children's play. The diversity of the courtyard will be enhanced by a stunning rain garden that will be completed at a later date and which will effectively collect rainwater and meltwater.
Vermonniitty is close to services and good transport connections
Vermonniitty is a new residential area being built between Leppävaara and the Vermo racetrack. The development of Vermonniitty, which is part of the Greater Leppävaara area, started in the late 2010s and its housing stock consists mainly of apartment buildings. Both owner-occupied and rental units are available. Vermonniitty is located close to Leppävaara and its services, and has good transport connections thanks to the Coastal Railway, Raide-Jokeri, the Leppävaara bus terminal, Ring Road I and the Turuntie highway. Outdoor activities and sports can be enjoyed close-by at venues such as the Perkkaa Sports Park, the Majurinpuisto Outdoor Gym and the Tali Sports Park. For families with children, there are schools and daycare centres in Vermonniitty and its immediate vicinity. There are two schools and several daycare centres in the area.
Enquiries:
Jorma Seppä, Executive Vice President, Housing, Helsinki metropolitan area, SRV, tel. +358 (0)40 727 3771, jorma.seppa@srv.fi
Samu Lamminen, Head of Transactions, SRV, tel. +358 (0)50 540 7198, samu.lamminen@srv.fi
Heli Pulkkinen, Communications Specialist, SRV, tel. +358 (0)50 411 0787, heli.pulkkinen@srv.fi
Mikko Suominen, ICECAPITAL Asset Management Oy, puh. +358 (0)40 504 0915, mikko.suominen@icecapital.fi
Image used in the bulletin: Arkkitehtitoimisto Veli Karjalainen Oy
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SRV in brief
SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter – and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.
Our company, established in 1987, is listed on the Helsinki Stock Exchange. Our operations focus on growth centres in Finland. In 2025, our revenue totalled EUR 705.6 million. In addition to approximately 700 in-house staff, we have a network of around 2,900 partners.
SRV – Building for life
