Skanska Invests $41M in Finland Residential Project

The three-phase development called Gustaf Wilhelm will break ground in June 2017 and is expected for completion in the second quarter of 2019.
Rendering of Gustaf Wilhelm Project

Rendering of Gustaf Wilhelm in Helsinki, Finland

Swedish property developer Skanska has signed an agreement with the Helsinki Housing Production Department ATT to build 189 apartments in Helsinki, Finland. The company will invest SEK 360 million (approximately $41 million) and the project will be included in the Nordic order bookings for the second quarter of 2017.

The project, called Gustaf Wilhelm, has three phases and will form a block of six-story buildings. Skanska will break ground in June 2017 and is expected to deliver the project at the end of November 2019.

Rendering of Gustaf Wilhelm Project

Rendering of Gustaf Wilhelm in Helsinki, Finland

The apartments will be located in the Sompasaari area of Kalasatama, one of the largest district construction projects in Helsinki, the area having excellent connections to public transport. A large shopping and service center will be in close proximity to the project. An underground parking garage, on top of which will be a courtyard, is also part of the project. Amenities will include saunas and two commercial facilities.

Skanska’s European activity is mainly concentrated on building construction and civil engineering in Scandinavian countries—Sweden, Norway, Finland and Denmark—as well as developing residential and commercial property projects in select home markets. On the other side of the Pond, one of Skanska’s largest upcoming U.S. developments is Fifth + Broadway in Nashville, a mixed-use project that will bring 350 apartments, 235,000 square feet of retail and 385,000 square feet of office space.

Images courtesy of Skanska