Peab acquires development rights in the Helsinki region

Peab has signed a contract to acquire development rights in Hagalund in Espoo from Trevian Itätuulentie 11 Ky and the city of Espoo. Apartment buildings will be built in the area. The total purchase price is around EUR 20 million.

The development rights are located in Espoo Hagalund, right next to Ainoa Shopping Mall and Hagalund subway station. The office building currently there will be torn down and 120 new apartments will be built on the site instead. The area already has approved zoning. 

“This deal will enable Peab to be part of the renovation of the center of Tapiola and cement our strong role in new housing production in the area. We’re proud to now be able to build homes for around 300 people in the center of Tapiola, which is one of the most popular residential areas in the capital city region, well known for its architecture, location close to the sea and rich culture,” says Juha-Pekka Eskola, Business Area Manager at Peab in Finland.

Acquisition and payment of the development rights from Trevian Itätuulentie 11 Ky will take place in the fourth quarter 2022 while the development rights from the city of Espoo are expected to be acquired and paid for in 2023.

For further information, please contact:

Juha-Pekka Eskola, Business Area Manager Project Development Peab Finland,

+358 400 381 953

Juha Hartomaa, Head of Investor Relations Peab, +46 725 33 31 45

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