Inside information: The construction of the office tower planned for Keilaniemi, Espoo will not be carried out according to the previously announced schedule

SRV GROUP PLC                          INSIDE INFORMATION             17 NOVEMBER  2023                 12:30 EET  

INSIDE INFORMATION: The construction of the office tower planned for Keilaniemi, Espoo will not be carried out according to the previously announced schedule

On 24 May 2023, SRV announced that it had reached mutual understanding on the main terms of a project management contract for a large office tower in Keilaniemi with a consortium formed by Ilmarinen Mutual Pension Insurance Company and HGR Property Partners Oy. As announced, the commencement of construction works was conditional on the actualisation of the customary investment preconditions for property development projects, and the client consortium’s final project decision.

On 16 November 2023, the client consortium confirmed to SRV that the preconditions for starting up the project had not been met in the target schedule and that thus the project will not proceed as planned.

“Based on our extensive experience in tower construction, we carried out significant development work in cooperation with the client consortium to support the fulfilment of the preconditions for project startup. Due to the market situation, these preconditions have not been met in line with the plans and target schedule, at least not at this stage,” says SRV’s CEO Saku Sipola.

For further information, please contact:
Saku Sipola, President & CEO, tel. +358 (0)40 551 5953,  

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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 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. We operate in growth centres in Finland. In 2022, our revenue totalled EUR 770.1 million. In addition to approximately 1,000 in-house staff, we have a network of around 3,800 partners.

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