Puurakentajat to build solid wood apartment buildings in Turku together with Finnish S-Bank
Press Release 27 September 2021 at 4.00 p.m. (EEST)
Puurakentajat Group Ltd., the expert in solid wood construction, is building two solid wood apartment buildings in Turku, southwest of Finland, in cooperation with a property fund managed by FIM Asset Management Ltd, a subsidiary of Finnish S-Bank. The wooden apartment buildings of over 4,400 square metres will have 58 apartments as well as commercial space on the street level and residential underground parking. Known as the Portinvartija buildings, the new construction project is a continuum of the Lyhdynkantaja apartment building previously built by Puurakentajat on the same block.
Puurakentajat has sold the shares in As Oy Turun Linnanfältin Portinvartija including the actual property as well as project development to FIM Real Estate Non-UCITS Fund (S-Bank Housing Non-UCITS Fund as of October 7th). The fund wants to contribute with a positive impact on the carbon handprint of residential buildings and construction generally.
Puurakentajat acts as contractor with overall responsibility of the construction. This enables Puurakentajat to make more efficient use of their expertise in solid wood construction at all stages of the construction project and, thereby, ensures high quality work.
The design work of the construction project is currently being finalised. The ground and foundation work will be completed by the beginning of 2022. For the wooden frame, the construction phase is estimated to start in March 2022. The 58 new apartments and commercial premises will be ready to move in during the winter 2022–2023.
“Wood construction is now in high demand. Consumers increasingly value ecological and healthy modes of living. Solid wood allows for construction without the use of moisture barrier plastic sheeting. In addition, it has the best carbon sequestration capacity when compared to any other construction method, which is essential in combating climate change. This block of three solid wood apartment buildings will also be an architecturally interesting, aesthetic entity. The first of the buildings, Lyhdynkantaja, was completed a couple of years ago – residents were able to move in for Christmas 2019,” said Mikko Leino, CEO of Puurakentajat.
Partnering with a property fund managed by a subsidiary of S-Bank
”As in many growth centres in Finland, there is strong demand for quality residential homes in Turku. We are pleased to be able to help bring some relief to the shortage of housing by constructing new, environmentally friendly solid wood homes for the rental market”, said Juho Santaharju, fund manager at S-Bank Group.
Rakennuttajatoimisto HTJ Oy is in charge of project management and supervision. Oy Rakennuspartio is the project’s main contractor. The main designer is Schauman Arkkitehdit Oy and the structural designer is Puurakentajat Suunnittelu Ltd and Sweco Structures Ltd. Puurakentajat Rakennus Ltd provides the wooden frame.
The project benefits from the special features of solid wood
Solid wood has several health benefits: as it is naturally breathable it balances room humidity and creates pleasant and healthy indoor air. According to studies, wooden construction material also, among other things, reduces stress levels and improves concentration.
Wooden material acts as a carbon sink throughout the lifecycle of the building. A wooden building is long-lasting and the wood material is also fully recyclable.
The Finnish Ministry of the Environment places strong emphasis on increasing wood construction to curb climate change. The built environment, which accounts for the majority of energy consumption and emissions, plays an important role: nearly 40 per cent of all energy consumed in Finland is used in buildings and more than 30 per cent of emissions are caused by buildings.
For more information, please contact:
Puurakentajat Group Oy, CEO Mikko Leino
Tel. + 358 40 551 4055
S-Bank Group, Real Estate Fund Manager Juho Santaharju
Tel. +358 40 769 2252
juho.santaharju@s-pankki.fi
Puurakentajat Group is a Finnish group specialising in wood technology with decades of experience in solid wood construction and renovation. We design, produce and build ecologically sustainable and healthy single-family houses, apartment blocks, schools and day-care centres. The solid wood elements of Puurakentajat enable modern architectural solutions and make construction more efficient economically as well as in terms of the environment and health. We construct buildings where people feel well. www.puurakentajat.fi
S-Bank is a Finnish bank that wants to help everyone achieve a slightly more affluent tomorrow, regardless of the size of their wallet. At S-Bank, expertise means that we understand the economy and people: as part of the S Group, we know the everyday lives of our 3.1 million customers. We are changing the banking sector by offering superior ease and benefits by offering both banking and retail services. www.s-pankki.fi