Toivo Group Plc launches an EUR 10 million residential apartment building investment in Vantaa’s Aviapolis.
Press release, 27 November 2024 at 14:00
Toivo Group Plc ("Toivo" or "the Company") is undertaking a construction project worth approximately EUR 10 million in Aviapolis, Vantaa, near Helsinki-Vantaa Airport. The project will be a multi-story residential building featuring geothermal heating and an energy efficiency rating of class A. The property will include a total of 49 apartments, which will remain under Toivo's ownership and be rented out to consumers.
"The project is the fourth initiated by Toivo in the same block during 2023–2024 and is based on the company’s own zoning plans. This is already the second significant project launched for Toivo’s own ownership this autumn. The initiation of the project has been made possible by the capital freed up from portfolio sales completed in 2024," says Lauri Rekola, Toivo’s Head of Finance and Risk Management.
"Construction of the project will begin immediately in December 2024, with completion expected by the end of 2025. In building this property, we are able to leverage the existing construction infrastructure within the same city block, as well as our network of contractors who are familiar with the site and its operating environment. We believe we will achieve significant synergies from executing multiple technically similar buildings at the same location," explains Urho Myllymäki, Toivo’s Chief Operating Officer.
Toivo Group Plc
Further information
Markus Myllymäki
CEO
Toivo Group Oyj
Tel. +358 (0)40 8476206
markus.myllymaki@toivo.fi
About Toivo
Toivo is a Finnish real estate company that was founded in 2015. Its business consists of project development and long-term ownership of apartments. The Company’s business model is unique as Toivo’s business combines the value chain of real estate business from development and construction to ownership, management and rental of a completed property. Toivo manages the entire life cycle of properties with its own team, from raw land development to tenancy agreement negotiations and property maintenance. This way Toivo is able to generate additional value to its customers, shareholders and stakeholders.
Toivo’s strategy is to develop properties in accordance with the Toivo concept. The properties aim for a strong development margin and a stable and attractive return, and in this way enable long-term ownership and the generation of higher additional value to Toivo’s customers. Toivo has a knowledgeable and experienced team of experts with strong merits in the real estate business. The members of Toivo’s team have been involved in the development and construction of over 17,000 apartments, and they have an average of ten years of experience in the real estate business.
Toivo’s revenue in 2023 was EUR 43,7 million and its operating profit was EUR -0,3 million.