Toivo Group Plc starts implementing an apartment building project of 69 apartments in Järvenpää

Press release, 25 February 2022 12:00

Toivo Group Plc (“Company” or “Toivo”) has started the implementation of an apartment building project comprising two buildings in Lepola, Järvenpää. The Company estimates the total value of the project to be approximately EUR 11 million. The project will be executed according to class-A energy standards, and the apartments will be heated by environmentally friendly geothermal energy.

The site is expected to attract households of different sizes who appreciate the proximity to the train station and design solutions that improve the comfort of living.

“Each apartment will have a large glazed balcony, and some of the apartments will also be equipped with a mechanical cooling system. In the design process, we wanted to design the site to have a landmark-like quality with details such as art featured in the staircases. The cooperation with the authorities in Järvenpää has been exemplary, and it’s great to be able to start the work at such an early stage of the year,” say Tommi Peltola, Design Director, and Petter Ruuskanen, Project Development Manager at Toivo.

Toivo’s CEO Markus Myllymäki is pleased with the Company’s efforts on the project. “The site is in line with our strategy and proof that environmental friendliness and the residents’ perspective do fit into the same equation in the competitive rental housing market, where product development is not done by increasing rents.”

The pre-leasing of apartments is estimated to start as early as this year, and the new residents are expected to be able to move into the new apartments in early 2023.

The site will be implemented in accordance with Toivo’s unique business model. Toivo has acted as the land developer of the site. Toivo acts as the constructor of the building on the site. Toivo will be the owner of the building, and it will be operated by Toivo’s own Asuntomestarit®.

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 12,000 apartments, and they have an average of ten years of experience from the real estate business.

Toivo’s revenue in 2021 was EUR 13.6 million and its operating profit was EUR 15.8 million.