Peab will demolish an existing office building and build 120 new apartments in Hagalund. Credit: justinedgecreative from Pixabay.

Nordic builder Peab has signed an agreement to acquire development rights at Hagalund in the municipality of Espoo on the south coast of Finland.

The agreement was signed by Peab with Trevian Itätuulentie 11 Ky and the city of Espoo to develop apartment buildings.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Peab will pay around €20m to acquire the development rights.

The acquisition and payment for the development rights from Trevian Itätuulentie 11 Ky will occur in Q4 2022, while these with the city of Espoo are expected next year.

The development rights in Hagalund are located in an area adjacent to Ainoa Shopping Mall and Hagalund subway station.

Peab will demolish the existing office building and build 120 new apartments on the site, which already has received zoning permit.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Peab business area manager in Finland Juha-Pekka Eskola said: “This deal will enable Peab to be part of the renovation of the center of Tapiola [Espoo] 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.”

Last week, Peab secured a contract to construct a new ice skating rinkv in Alingsås, Sweden, for Alingsåshem. This contract carries a value of $20.9m (SEK218m).