SRV sold a housing project to ICECAPITAL’s real estate fund

SRV Yhtiöt Oyj 

05.06.2012 07:30
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Espoo, Finland, 2012-06-05 07:30 CEST (GLOBE NEWSWIRE) -- SRV GROUP PLC  
INVESTOR NEWS   05 JUNE 2012 at 08.30 

SRV has sold a housing project based on own project development to ICECAPITAL
Group's real estate fund. A housing company Tikkurila Sonaatti, located in
Vantaa was sold to ICECAPITAL's Housing Fund II Ky. 

Housing company Vantaan Tikkurilan Sonaatti consists of 81 modern apartments
and a parking facility. Project is based on a long development effort by SRV.
Centrally located plot originally had a old block of flats with wood
foundation, which SRV bought one unit at a time. A change in detailed city plan
was needed to enable addition in permitted building volume.  Construction works
are in full swing and the projects rental apartments will be completed by fall
2013. 

'Additional building volume is difficult to place in central districts of
Greater Helsinki area, and therefore new quality sites require extensive and
long-span planning. Sonaatti is an example of a project where persistence was
rewarded with success, says Antero Nuutinen, SRV's Vice President in charge of
domestic housing production. 

'The focus of our fund is in Greater Helsinki area and Sonaatti is an excellent
addition to our portfolio. This was the first transaction with SRV and one of
the last to our II fund, of which the investment period has ended. We look
forward to continuation of well started cooperation with SRV in our future
funds, say CEO of ICECAPITAL REAM Oy Wisa Majamaa. 

Further information:

Antero Nuutinen, SRV, tel. +358 (0)20 145 5302
Wisa Majamaa, ICECAPITAL REAM, tel. +358 (0)40 826 1001
News Source: NASDAQ OMX



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Language:     English
Company:      SRV Yhtiöt Oyj
              
               
              Finland
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