Toivo Group Plc has sold a portfolio comprised of five residential properties and 117 family homes in Espoo and Turku to Novus Family Homes Oy
Company release, 8 May 2024 at 11:00 a.m.
Toivo Group Plc has sold a portfolio comprised of five residential properties and 117 family homes in Espoo and Turku to Novus Family Homes Oy
Since 2019, the Toivo Group Plc group ("Toivo" or "the Company") has been developing and building family apartments in terraced houses and semi-detached houses in the Helsinki metropolitan area and Turku. The sold family homes combine functionality with good, modern architecture and private gardens.
The Company has sold part of its family home portfolio to Novus Family Homes, a housing investment company owned by Niam and Kuuskodit, as part of the strategy change published in connection with the publication of the financial statements for 2023, which will release capital from completed properties for the development and construction of new projects.
The portfolio consists of five separate terraced and semi-detached houses in Turku and Espoo that were completed in 2021–2022. The portfolio of properties sold comprises a total of 117 apartments with a total floor area of approximately 5,900 m2. The total value of the transaction is more than EUR 20 million.
The parties to the transaction want to continue to cooperate to build properties pursuant to the theme in the future.
"There is a huge need for terraced and semi-detached family homes in the rental market. We would like to thank the new owner Niam and Kuuskodit for the good and smooth transaction process. We are looking forward to seeing new joint projects in line with the theme," says Markus Myllymäki, CEO of Toivo Group Plc.
The transaction is not expected to have a significant impact on the Company’s operating profit forecasts for 2024.
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 ensures that Toivo is able to generate additional value for 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, which enable long-term ownership and the generation of higher additional value for 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.