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

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