Investments, divestments and real estate development

VVO Group launched construction of 443 (258) apartments during the review period. There were a total of 1,303 (1,385) privately financed apartments under construction at the end of the period. Of the apartments under construction, 1,059 (912) are located in the Helsinki region and 244 (473) in other Finnish growth centres.

During the review period, VVO Group acquired 0 (40) apartments and sold 8,724 (159) apartments.

329 (0) new apartments were completed during the period. An estimated 567 (736) apartments are scheduled for completion by the end of the year.

The Group’s gross investments totalled EUR 89.9 (115.0) million. Total repair costs and modernisation investments during the review period amounted to EUR 33.2 (40.4) million, of which modernisation investments accounted for EUR 16.0 (19.9) million. The Lumo segment accounted for EUR 89.8 (110.6) million of gross investments, and the VVO segment for EUR 0.2 (4.4) million.

At period end, there were binding acquisition agreements worth a total of 358.1 (238.4) million. A total of 2,264 new apartments will be built under the acquisition agreements, of which 1,303 were under construction at the end of the review period.

Skanska and VVO Group agreed on the construction of four rental apartment blocks in the Aerola residential area in Veromies, Vantaa, where VVO Group is having 139 new privately financed rental apartments built.

During the review period, properties’ consumption of heating energy was 201.6 (189.0) GWh.