Real estate development and renovations

In 2016, VVO Group developed the cost efficiency of maintenance and repairs, among other things. Especially the cost efficiency of apartment renovations and repairs improved, and cost control was developed. In addition, the efficiency of waste management at renovation and repair sites was increased.

The Group started using a procurement system. Economies of scale were leveraged in smaller expense items that previously were outside the scope of centralised procurement. The terminating cooperation agreements regarding apartment renovations and repairs, pest control, heating, plumbing and electrical maintenance and annual ventilation machinery maintenance were renewed through competitive tendering.

In 2016, the adjustment of heating on the basis of the real-time monitoring of apartment temperatures was adopted more extensively in the property portfolio. This adjustment method makes it possible to maintain constant apartment temperatures under different weather conditions.

Real estate development and renovation projects

A contract was signed with Lujatalo Oy regarding the building contract of the Saariniemenkatu 6 property, located in the Hakaniemi district of Helsinki. The Group converts the property into high-quality Lumo apartments. The interior and building technology of the property will be fully renovated. The renovation will be completed in the autumn of 2017.

The City of Espoo reserved an area for VVO Group and SRV for the planning of the Kivenlahti Metro Centre. According to plans, the area would feature approximately 76,000 square metres of housing and roughly 56,000 square metres of business, office and service premises as well as a bus terminal and a park-and-ride car park. The total number of apartments to be built in the area is approximately 1,200.

VVO Kodit Oy has signed a contract with MM-Yritysrakentaja Oy regarding the conversion of the office building located at Lönnrotinkatu 30 in Helsinki, known as Eliaksentalo, into rental apartments and business premises. The Eliaksentalo property, centrally located in Helsinki’s Kamppi district, will hold 41 privately financed high-quality Lumo rental apartments.

Repairs and renovations

EUR million2013201420152016
Repairs and renovations83.778.792.368.0

Gross investments and sales of investment properties

EUR million2012201320142015*2016
Gross investments74.8223.2200.5235.0696.0
Sales of investment properties-12.0-16.0-28.8-14.9-559.0

*The calculation method of gross investments has been changed. Previously, gross investments in the cash flow were presented; starting from 31 Dec. 2015, investments on an accrual basis are presented.


Property portfolio maintenance expenses

€ per dwelling m² per month2013201420152016






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