07/09/2021 | Press release | Distributed by Public on 07/09/2021 00:11
SRV GROUP PLC INVESTOR NEWS 9 JULY 2021 9:00 EET
SRV sold DWS three residential projects of 257 units in Helsinki, Espoo and Kerava
SRV and DWS, one of the world's leading asset managers, have agreed on the sale and construction of three residential assets to be built on behalf of one of DWS's institutional real estate funds. Construction in Helsinki, Espoo and Kerava will begin in the next six months. The projects are recognised in the order backlog in phases as the start-up decisions are made. The projects will be recognised as income over a period of several years. The cooperation agreement values EUR 82 million.
'The transaction showcases well SRV's strong residential pipeline across desired submarkets in the Helsinki region, where both tenant and investor demand have been robust throughout past years. Moreover, the projects exemplify our focus on our lifecycle-wise strategy as we aim to build these assets according to highest environmental standards. Thank you to DWS team for a smooth and professional transaction process,' says Saku Sipola, President & CEO of SRV.
'We look forward to working with SRV to deliver these three residential projects as we continue to grow our footprint in the Nordics. Investments recently included office, logistics and residential properties,' says Martin Weikamp, Head of Real Estate Transactions, Northern Europe, at DWS.
'With this latest acquisition of a high quality residential portfolio in established and further developing areas in Greater Helsinki Region we will meet the high demand for small and mid-sized rental apartments driven by demographic change, strong urbanisation and growing amount of one and two person households,' Weikamp adds.
The housing project in Helsinki (Asunto Oy Helsingin Pohjantytär) is located in South Haaga in the Pohjola block being develop by SRV. The project comprises of a 17-storey residential building with 141 apartments. Construction will be completed in late 2023.
The housing project in Espoo (Asunto Oy Espoon Saunakukka) is located in Saunalahti, Espoo. At completion, there will be in total 63 apartments in three three-storey buildings. Saunakukka will be completed in autumn 2022.
In Kerava, SRV will construct a 53-unit apartment building (Asunto Oy Keravan Aleksinniitty) in Kerava's city centre, next to a range of local services and with excellent public transport connections. Construction of Aleksinniitty will be completed in early 2023.
All three projects are SRV's housing development projects. Housing development projects are projects that are developed by SRV, which are mainly sold to an investor before construction begins.For further information, please contact:
Pohjantytär: SARC Arkkitehtitoimisto, SRV
Saunakukka: Ark7 Oy, SRV
Aleksinniitty: Arkkitehtitoimisto Hannu Jaakkola Oy, SRV
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Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland and Russia. In 2020, our revenue totalled EUR 975.5 million. In addition to about 1,000 SRV employees, we employ a network of around 4,200 subcontractors.
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