Investments, divestments and real estate development

VVO Group launched construction of 98 (197) apartments during the review period. There were a total of 1,046 (1,324) apartments under construction at the end of the period, all of them privately financed. Of the apartments under construction, 815 (851) are located in the Helsinki region and 231 (473) in other Finnish growth centres.

1,046

 

privately financed apartments under construction

 

During the review period, VVO Group acquired 0 (40) apartments and sold 4,076 (73) apartments. In addition, a binding preliminary agreement has been signed on the sale of 4,586 apartments.

241 (0) new apartments were completed during the period. An estimated 567 (670) apartments are scheduled for completion by the end of the year.

The Group’s gross investments totalled EUR 43.7 (53.3) million. Total repair costs and modernisation investments during the review period amounted to EUR 11.4 (15.9) million, of which modernisation investments accounted for EUR 4.6 (7.5) million. The Lumo segment accounted for EUR 43.6 (51.8) million of gross investments, and the VVO segment for EUR 0.1 (1.5) million.


43.7

 

gross investments in EUR million

 

At period end, there were binding acquisition agreements worth a total of 298.9 (269.1) million. A total of 1,934 new apartments will be built under the acquisition agreements, of which 1,046 were under construction at the end of the review period.

VVO Group signed an agreement with Pohjola Rakennus Oy Uusimaa on the construction of rental apartments in Helsinki, Vantaa and Hyvinkää, with a total value of nearly EUR 50 million. All in all, this agreement involves the construction of 263 Lumo rental apartments, most of which will be completed during the next two years.

The City of Espoo’s Trade and Competitiveness Division 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.

During the review period, properties’ consumption of heating energy was 121.9 (105.5) GWh.

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