Consti and Senate Properties have signed a key project alliance agreement for the the Government Palace city block construction project
CONSTI PLC INVESTOR NEWS 29 JANUARY 2026, at 10:45 a.m.
Consti and Senate Properties have signed a key project alliance agreement for the the Government Palace city block construction project
Consti Korjausrakentaminen Oy, a subsidiary of Consti Plc (“Consti”), and Senate Properties have signed an agreement for the renovation and extension of the Government Palace. The total estimated cost of the project, to be carried out using the key project alliance model, is approximately EUR 195 million.
The agreement covers the entire renovation and extension of the Government Palace block. The implementation of the new building, considered an extension, is contingent on the outcome of the local detailed planning and construction permit processes, as well as decisions by Senate Properties. Should the conditions for constructing the extension not be met, the extension will be removed from the scope of the project and the key project alliance agreement.
Consti’s share of the project, if both the renovation and extension are realised, is approximately 171 million euros in total. The share relating to the renovation, approximately 112 million euros, will be recognised in Consti’s order backlog in the first quarter of 2026, while the share relating to the extension will be recognised later, once the conditions for its construction have been fulfilled. The development phase of the project will commence immediately and continue until summer 2026. Construction work is scheduled to begin in August 2026 and to be completed during 2030.
Located on the eastern side of the Senate Square in Helsinki, the Government Palace, designed by Carl Ludvig Engel, is one of Finland’s most important cultural and historical monuments. The renovation will modernise the building’s technical systems and improve both energy efficiency and accessibility. The office spaces in the Palace will be modernised to meet today’s requirements in accordance with the Government’s office space concept. The work will be carried out with respect for, and with the preservation of the building’s historical values.
The renovation of the Government Palace is part of a broader government office premises redevelopment project, the Block Project, through which the government’s functions and the ministries’ office spaces will in future be mainly concentrated in the Government Palace block and the adjacent Government block in its immediate vicinity.
The aim is a solution that ensures the long-term use of the buildings as government office premises. Planning and construction will take into account the cultural and architectural values of the blocks. The space solutions will be flexible, allowing them to adapt to the changing needs of the government in the future.
“It is a great privilege to be able to carry out the Government Palace construction project in collaboration with Senate Properties, using the alliance model. The project supports our strategic aim to strengthen our position in cooperative and socially responsible construction.” says Jukka Kylliö, Director of Public Sector Business Area, Consti.
CONSTI PLC
Further information:
Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568
Jukka Kylliö, Business Area Director, Consti Korjausrakentaminen Oy, Tel. +358 40 500 0124
Yianni Charalambous, Regional Director, Consti Korjausrakentaminen Oy, Tel +358 50 421 1400
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Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2024, Consti Group’s net sales amounted to 327 million euro. It employs approximately 1000 professionals in construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi