Real Estate Special Situations Unit of Toivo Group Plc signs its first project agreement
Press release, 3 November 2023 at 9:00
Real Estate Special Situations Unit of Toivo Group Plc signs its first project agreement
Toivo Group Plc (hereinafter heferred to as "the Company" or "Toivo") has signed an agreement on assuming developer responsibilities concerning an unfinished residential building project of a construction company that went bankrupt in east Helsinki. The project is about 55% complete and consists of dwellings in both terraced houses and semi-detached houses. The project covers 13 dwellings and will be executed according to class-A energy standards. It will be completed by 30 June 2024.
Lauri Rekola, head of Toivo's Real Estate Special Situations Unit is pleased to see the agreement concluded. "This agreement will ensure the delivery of the dwellings and homes that homebuyers have purchased. The project is located in a beautiful area by the sea and we're thrilled to be able to finish it. The project's technical and production solutions are quite clear-cut and suited to Toivo, which will make it a relatively simple process to take over the construction site."
Toivo's Real Estate Special Situations Unit was set up as a response to complications created by the challenging current circumstances of the construction industry. The principle behind the unit is to offer solutions to situations where an unfinished construction project is causing trouble for financiers, clients, homebuyers and other stakeholders.
Toivo Group Plc
Further information
Markus Myllymäki
CEO
Toivo Group Plc
Tel. +358 40 847 6206
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 2022 was EUR 20.3 million and its operating profit was EUR 15.6 million.