YIT and LähiTapiola have signed a contract on a project management contract in Turku. The contract covers the demolition of the Hamburger Börs hotel property, which was constructed in the 1970s, and the construction of a new hotel. The value of the contract is approximately EUR 43 million. The project will begin in summer 2019 and will be completed in autumn 2021. The contract will be entered in the order backlog for the year’s second quarter.
The contract will begin with the demolition work of the old Hamburger Börs property. A new hotel building will be constructed in the same location. The architecture of the new hotel will respect the history of Turku Market Square. The new operator of the hotel will be Scandic Hotels.
“It is great to participate in reshaping the cityscape of Turku in such a central location. The more than 100 years of Hamburger Börs’ history will be respected also in the new property. The realisation of the project requires careful planning as the construction site is located right in the heart of Turku”, says Jukka Lämsä, Vice President at YIT.
“The property is being developed in co-operation with YIT and Scandic. The development project is made possible by YIT’s strong professional skills as a developer of construction projects and Scandic’s strong expertise in operating large center hotels. We will restore Hamburger Börs to its historical value”, states Vesa Eskoli, Real Estate Investment Director at LähiTapiola Real Estate Asset Management.