Toivo Group Plc to carry out a unique 39-apartment and approximately EUR 7.6 million housing project Tuusulan Olympiakasarmi
Press release, 8 April 2022 at 10:00 a.m.
Toivo Group Plc (“the Company” or “Toivo”) has acquired a property in Hyrylä, Tuusula, and will start converting the former barracks into apartments during summer 2022. In the project, Toivo will build loft-style rental apartments, due for completion in spring 2023. The apartments will be heated with district heating.
Tens of thousands of conscripts have completed their national service at the old garrison area in Hyrylä, Tuusula. In Toivo’s project, one of the barracks buildings will be converted into unique rental apartments. The barracks area was built for the Finnish Olympic Games in 1952. The building was used as a barracks until the early 2000s.
Says Toivo’s CEO Markus Myllymäki: “The project has received a building permit and an established contractor known for similar projects has been chosen to carry out the renovation. In addition, we estimate that the development margin for this project is higher than usual. The end result is guaranteed to be unique and of premium quality.”
“The renovation will be carried out in keeping with the original spirit of the barracks building, including preserving the spacious lobby. The building will be modernised for residential use to today’s standards and we will aim to retain as much of the spirit of the era as possible by, for example, retaining and restoring the existing frame and some of the shared spaces,” says Heikki Myllymäki, Director of Building at Toivo.
Toivo’s role in the project is to act as the developer and owner of the apartments, in line with its strategy.
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.