Espoo, Finalnd, 2011-12-30 14:01 CET (GLOBE NEWSWIRE) -- SRV GROUP PLC INVESTOR NEWS 30.12.2011
Jyväskylä Real-Estate Services (Tilapalvelu), a city-owned enterprise, and SRV Rakennus Oy have completed the sale of the Valtiontalo property, located in Jyväskylä city centre. The property comprises the Alvar Aalto-designed Valtiontalo (former Defence Corps Building) as well as the unbuilt part of the plot. The building, constructed in the 1920s, is protected by decisions of the Finnish Government and the Central Finland Regional Environment Centre.
The sale is based on a preliminary agreement between SRV and the City of Jyväskylä. SRV intends to renovate the Valtiontalo building into a condition required by protection orders and also to construct a new building on the unbuilt part of the property.
An appeal in the Hämeenlinna Administrative Court against Jyväskylä Real Estate Services’ decision to sell remains unresolved to date. Under the sales contract, the contract will be cancelled if the decision of the Administrative Court is negative in respect of the sale.
An extensive condition assessment has been made, and Valtiontalo building requires extensive renovation measures. SRV will immediately launch necessary renovation works, which will be argeed on with Jyväskylä Real-Estate Services, and start the renovation project when a legally valid judgement on the rejection of the appeal is made. If the sale is cancelled, Jyväskylä Real-Estate Services will be responsible for the renovation costs.
SRV will pay approximately EUR 200,000 for the Valtiontalo building.
SRV Group Plc
Taneli Hassinen
Director, Communications and Marketing
tel. +358 40 504 3321
taneli.hassinen@srv.fi
Further information:
Jouko Pöyhönen, Project Development Director, tel. +358 20145 5247