Lemminkäinen and Kiinteistö-Tapiola renovate and build in Tapiola town centre
LEMMINKÄINEN CORPORATION PRESS RELEASE 16.12.2011 at 11.45 a.m.
LEMMINKÄINEN AND KIINTEISTÖ-TAPIOLA RENOVATE AND BUILD IN TAPIOLA TOWN CENTRE
Lemminkäinen will perform large-scale renovation and construction work on a commercial building owned by Kiinteistö Oy Biens in Tapiola town centre, Espoo. Tapiola KR III Ky, a fund run by Kiinteistö-Tapiola, owns the property in question. The building is the former home of the Sokos Tapiola department store. The total value of the project management contract is about EUR 27 million.
"As central Tapiola's first business premises project, this will start construction in the centre", states Real Estate Investment Director Vesa Eskoli of Kiinteistö-Tapiola. "The town centre will be constructed according to the principles of sustainable development, realised in the form of an energy-efficient district cooling system – the first of its kind in the Tapiola area."
In addition to renovation and changes to the existing building, new underground commercial premises and walkways will be built onto the building's exterior. The basement of the building will be deepened through excavation. The total floor space of the project is 19,000 brm², of which the extensions account for 2,600 brm². Work in Tapiola will begin in January 2012 and the project is due for completion in May 2013.
"This project is a good example of a town centre construction requiring special competences", comments Director Kalevi Stenman of Lemminkäinen. "It brings together Lemminkäinen's comprehensive know-how in the fields of renovation construction, foundation construction and geotechnical engineering."
Kalevi Stenman, Director
Lemminkäinen Talo Oy
Tel. +358 2071 53264
Vesa Eskoli, Real Estate Investment Director
Tel. +358 40 703 0551
NASDAQ OMX Helsinki Ltd
Lemminkäinen Group operates in all areas of the construction sector. The Group's business sectors are Building Construction, Infrastructure Construction and Technical Building Services. From the beginning of 2012, International Operations will form a fourth business sector. Net sales in 2010 were around EUR 2.0 billion, of which international operations accounted for roughly a quarter. The Group employs 8,000 people on average. Lemminkäinen Corporation's shares are quoted on NASDAQ OMX Helsinki Ltd. www.lemminkainen.com
Tapiola KR III Ky is a limited partnership property investment fund. Its targeted size is more than EUR 500 million. Its real estate investments are concentrated in the centre of Tapiola.
Kiinteistö-Tapiola Oy is a 100% subsidiary of the Tapiola Group and produces real estate investment and management services. The total value of company-administrated property was EUR 2.6 billion at the end of 2010. Real estate administrated by Kiinteistö-Tapiola Oy includes office, commercial, logistics, hotel and residential premises. The total leased area is approximately 1.1 million m², primarily comprising office and commercial premises. www.kiinteistotapiola.fi