LEMMINKÄINEN CORPORATION PRESS RELEASE APRIL 2013 AT 9.00 A.M.
LEMMINKÄINEN IS RESTORING A PRESTIGEOUS PREMISES IN HELSINKI TO ITS FORMER GLORY
Lemminkäinen is altering Asunto Oy Helsingin Kivipalatsi's premises in Lönnrotinkatu, in Helsinki for residential use. The project involves renovations and restoration, as well as technical building systems. The property's owner and developer is Rakennus Oy Kivipalatsi, which was established by Ahlström Capital Oy and HGR Property Partners Oy. The parties have agreed not to disclose the contract price. Work began in February and is scheduled for completion in April 2014.
The property was constructed as a residential building in 1896. It was designed and developed by architect Florentin Granholm. The premises were later altered for use as office and commercial space. While the building is being returned to its original use, the premises will also be refurbished and restored to their former glory. The building will be modernised and old details restored. The new residential building will also gain an entire new floor containing apartments with terraces. The building is partly protected, and renovations are being carried out in cooperation with the Helsinki City Museum.
The renovation includes work on the roof, repairs to intermediate floors, structural improvements, and the renewal of insulation and internal surfaces. New structural solutions will improve fire safety and sound proofing. The property's electrical, telecommunications, pipe, ventilation and control systems will be completely renewed.
The renovated property will contain a total of 27 apartments. New apartments will be built in the attic, and there will also be skylights, balconies and three roof terraces. The existing elevators will be renewed, and an entire new elevator shaft will be constructed to house a third elevator.
"We have specialised in carrying out renovations to prestigious historic buildings. Working in the city centre, in a busy, built-up environment, without disturbing those in the immediate vicinity, forms part of our core expertise," says Kalevi Stenman, Vice President, Lemminkäinen.
"We are proud to be given the chance to do our bit in restoring Helsinki’s prestigious buildings to their original use and grand appearance," say Panu Routila, President & CEO of Ahlström Capital Oy, and Kari Helin, CEO of HGR Property Partners Oy.
"For these kinds of projects, choosing the right partner is paramount. We are extremely satisfied with Lemminkäinen as a partner in this project. The project is being funded by The Mortgage Society of Finland and Nordea," they continue.
Additional information about the project is available in Finnish at www.kivipalatsi.fi.
Vice President, Renovation and Rebuilding
Tel. +358 2071 53264
Property Development Director
HGR Property Partners Oy
Tel. +358 40 5315 591
Lemminkäinen Group operates in all areas of the construction sector. The Group's business segments are building construction, infrastructure construction, technical building services and international operations. Net sales in 2012 were about EUR 2.3 billion, of which international operations accounted for roughly 40 per cent. The Group employs an average of 8,200 people. Lemminkäinen Corporation's share is quoted on NASDAQ OMX Nordic Exchange Helsinki. www.lemminkainen.com