Toivo Group Plc has signed an agreement for the development of a total of 28 hectares of land in Espoo
Company release, 3 November 2022 at 12.45 p.m.
Toivo Group Plc (hereinafter referred to as “Toivo” or “the Company”) has signed an agreement for the development and acquisition of properties (“the Area”) located in Espoo. The majority of the Area is located on the southern side of Kehä III, while the rest is close to Kehä III on its northern side. The agreement is subject to normal conditions generally applied within the real estate sector.
In accordance with the current city plan, building permits can be granted to an approximately 40-apartment residential building project. In the current decade, land use planning and construction in the rest of the Area will be developed through city planning. The total permitted building volume for the Area is estimated to be over 50,000 floor square metres, which would allow for the construction of approximately 700 apartments, creating housing for around 1,500 people. In addition to the residential building permit, the objective is also to obtain building permits for planning neighbourhood services and commercial premises in the Area.
In line with its strategy, Toivo’s role in the project is to act as the developer of the Area as well as the developer and owner of the apartments. Toivo’s plan for the Area is to develop apartments it can rent and sell to consumers.
As part of Toivo’s project development portfolio, the Company will report on the Area concerning the progress of city planning processes and the fulfillment of contractual terms regarding the acquisition process.
“The agreement we have entered into is long, and we are excited about this opportunity to continue developing the city of Espoo. Our objective is to find the best collaborators for the development and construction of the Area.” States CEO Markus Myllymäki.
“The agreement significantly increases the total area of properties covered by Toivo’s agreements.” Myllymäki continues.
Toivo Group Plc
Board of Directors
Further information
Markus Myllymäki
CEO
Toivo Group Plc
Tel. +358 (0)40 847 6206
[email protected]
Certified Adviser: Danske Bank A/S, Finland branch, +358 (0)50 575 4422
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.
