LEMMINKÄINEN CORPORATION INVESTOR NEWS 11 APRIL 2014 AT 10:00 A.M.
LEMMINKÄINEN TO CONVERT AN OFFICE PROPERTY INTO A HOTEL IN TÖÖLÖ
Lemminkäinen will renovate the Auratalo office property located in Helsinki's Töölö district and convert it into a hotel. The property is owned by LocalTapiola. The construction work will begin in January 2015 and conclude in March 2016. The value of the contract is approximately EUR 19.5 million.
The contract includes a complete renewal of the interior and technical building systems of the 11-storey property located at Tukholmankatu 2. The facade will be renovated while preserving its original appearance. Lemminkäinen is responsible for both the design and construction of the project. The building's gross surface area is 13,100 square metres.
In summer 2016, Restel Oy will open a new city hotel in the building, comprising nearly 200 rooms and two restaurants. The hotel and restaurant concepts will be published later this year.
"The renovation of old buildings is a good way to revitalise cities. It also offers the opportunity to change the function of the premises, as in the case of the Auratalo property," says Casimir Lindholm, Executive Vice President, Building construction in Finland at Lemminkäinen.
"The property will be developed in cooperation with Restel and Lemminkäinen. For us, this development project is made possible by Restel as a strong long-term tenant and Lemminkäinen as a contractor that can carry out this challenging project. The project also ensures the future viability of the property," adds Vesa Eskoli, Real Estate Investment Director at LocalTapiola Real Estate Asset Management.
"Our new site is centrally situated in Töölö, a location with good traffic connections and substantial customer flows. We are confident that this modern city hotel will immediately achieve a strong position in Helsinki's hotel market," says Jari Laine, Vice President, Hotel Division at Restel.
Executive Vice President, Building Construction in Finland
Tel. +358 2071 56198
LocalTapiola Real Estate Asset Management
Vesa Eskoli, Real Estate Investment Director
Tel. +358 407 030 551
Jari Laine, Vice President, Hotel Division at Restel
Tel. 09 733 5355
NASDAQ OMX Helsinki
Together with our customers we create conditions that make living, working and travelling functional, safe and healthy. We operate in northern Europe and employ about 7,800 experts. In 2013, our net sales were about EUR 2.2 billion. Lemminkäinen Corporation's share is quoted on NASDAQ OMX Nordic Exchange Helsinki. www.lemminkainen.com