SRV GROUP PLC INVESTOR NEWS 12 SEPTEMBER 2025 13:00 EEST
SRV to carry out the renovation of Porthania for Helsinki University Properties using the alliance model
SRV, Helsinki University Properties, and LPR-architects have signed an alliance agreement for the renovation of Porthania. The project will start with a development phase. A separate decision will be made in the summer of 2026 to move to the implementation phase, at which point the project will be entered into SRV’s order backlog.
The preliminary total cost estimate for the project, which will be carried out using the alliance model, is 30 million euros. The scope and value of the project will be specified during the project planning and development phase. The project further strengthens SRV's leading position in collaborative contracting.
The Porthania property, located at Yliopistonkatu 3 in Helsinki, will undergo a comprehensive renovation. The building's technical systems will be updated, and functionalities will be modified to better serve the university's needs. The building, originally completed in 1957, was designed by architect Aarne Ervi. The building is subject to extensive and demanding conservation objectives. The total area of the building is approximately 21,000 gross square meters. Construction work is scheduled to begin after the development phase in the summer of 2026. SRV will act as the main contractor for the alliance, and LPR-architects will be responsible for the main and architectural design.
"We are delighted to be involved in another renovation project for the Helsinki University Properties. In the renovation of Porthania, we will utilise our diverse expertise and experience in renovating and upgrading architecturally and historically valuable properties. Previously, we have carried out the renovations of Snellmania, Think Corner, and Kaisa House as well as the Culture Barracs and the modern section of Finnish National Theatre. Currently we are also renovating the Physicum building," says SRV's unit director Marko Räisänen. "It is great that the project is now being carried out using the alliance model. This will allow us to find the best solutions for the project's goals in terms of cost, schedule, and quality during the development phase."
"The Porthania project is our fourth demanding renovation project carried out using the alliance model. We are confident in starting the project with knowledgeable partners. The goal is to achieve a sustainable and successful outcome through co-development and shared goals," says Jaana Ihalainen, CEO of Helsinki University Properties.
The teaching spaces are planned to be open, adaptable, flexible, and supportive of new teaching methods. For workspaces, the goal is to develop work environment solutions with users, taking conservation aspects into account. The aim is also to improve the accessibility of the spaces. The solutions to be implemented will respect and honor the values of the architecturally and historically valuable property and the University of Helsinki's goals for achieving carbon neutrality.
Enquiries:
Marko Räisänen, Unit Director, SRV, tel. +358 (0)40 684 4888, marko.raisanen@srv.fi
Heidi Tetteh, Communications manager, SRV, tel. +358 (0)40 662 3220, heidi.tetteh@srv.fi
Jaana Ihalainen, CEO, Helsinki University Properties, tel. +358 (0)50 570 9580, jaana.ihalainen@helsinki.fi
Image used in the bulletin: Pauno Narjus, LPR-architects Ltd
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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 well-being of both the environment and people into consideration. We call this approach life-cycle 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. We operate in growth centres in Finland. In 2024, our revenue totalled EUR 745.8 million. In addition to approximately 800 in-house staff, we have a network of around 3,200 partners.
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