Toivo Group Plc sells a property of 16 apartments in Espoo worth over EUR 5 million
Press release, 1 April 2022 at 12:30 p.m.
Toivo Group Plc ("the Company" or "Toivo") has sold a property of 16 apartments in Espoo, Finland worth over EUR 5 million to an institutional investor. The property is under construction and will be completed by the end of June 2022.
The property consists of 16 semi-detached homes and 32 parking spaces. The wooden buildings are examples of sustainable construction.
“We are pleased that Toivo’s quality of construction is attracting the interest of consumers and institutional investors. The apartments have excellent layouts and high-quality interiors," says Urho Myllymäki, Director of Building at Toivo.
Markus Myllymäki, CEO of Toivo, is delighted with the deal: “The sale of this property was planned and in line with Toivo’s strategy. We aim to sell around 5–15% of our annual investment volume, as this allows for more efficient use of capital and higher investment volumes. To date, the Company has completed more than ten property sales, where the balance sheet values have been based on our valuator´s defined valuations, and where the actual sales prices have exceeded the balance sheet values.”
The project has been implemented in accordance with Toivo’s unique business model. In addition to being the land developer in the project, Toivo is also acting as the builder.
Toivo Group Plc
Further information
Markus Myllymäki
CEO
Toivo Group Plc
Tel. +358 (0)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 2021 was EUR 13.6 million and its operating profit was EUR 15.8 million.
