Real estate development
and renovations

In 2015, VVO Group developed the cost efficiency of maintenance and repairs, among other things. The cost efficiency of apartment renovations and repairs improved, and cost control was developed. In addition, a new operating model was created to increase the efficiency of waste management at renovation and repair sites.

All VVO Home Centres started using a procurement system. Economies of scale were leveraged in smaller expense items that previously were outside the scope of centralised procurement. Terminating cooperation agreements were renewed through competitive bidding (household appliances, lift maintenance, apartment cleaning).

In addition, the energy consumption of the property portfolio was reduced by, for instance, starting to adjust heating in properties in the Helsinki Metropolitan Area according to seasons, without compromising residents’ comfort.

Real estate development and renovation sites

Hernesaarenkatu 17, Helsinki

VVO Group renovated Hernesaarenkatu 17, a building in the Hernesaari district of Helsinki dating from 1929. After the renovation, the building now contains 76 top quality Lumo rental apartments, five of which are brand new loft apartments. The average size of the apartments is 49 m². Two new sauna areas, a laundry room and a club room were also built.

Malminiityntie 12, Vantaa

The major renovation of VVO Group’s buildings in Malminiitty, Vantaa, started in 2011 and was completed in 2015. There are altogether fifteen renovated apartment blocks, with 591 apartments. These are the Group’s first buildings, completed in 1970−1972. The renovation included, among other things, replacing existing HPAC systems. At the same time, the apartments were extensively repaired: kitchens and bathrooms were renovated and the ceiling, wall and floor surfaces in all apartments were refurbished. The renovation project proceeded from building to building, the apartments of one stairwell at a time.

Opiskelijankatu 10, Tampere

The 60 rental apartments at Opiskelijankatu 10, Tampere, were renovated in phases in spring 2015. The building underwent a major renovation project, including plumbing and sewer renovation. Kitchens and bathrooms were fully renovated, and the kitchens are now equipped with not only basic household appliances but also glass-ceramic stoves and dishwashers. In addition, the residents now have the opportunity to use car sharing.

Saarenvainionkatu 17, Tampere

The renovation of Saarenvainionkatu 17, in the Kaukajärvi district of Tampere, will be completed in early 2016. Revised floor plans, surface materials and glazed balconies increase comfort in these rental homes.

Istuttajantie 2, Jyväskylä

In Jyväskylä, the renovation of Istuttajantie 2, located in the Kangaslampi district, was completed. The 42 rental homes in the seven-storey building were renovated using high-quality materials.

Antinkatu 14, Pori

In the centre of Pori, the former restaurant and office premises at Antinkatu 14 were converted into 19 unique rental apartments. The fully modernised apartments feature individualistic floor plans. Higher rooms, large windows and deep windowsills create a historical atmosphere in the otherwise fully renovated apartments.

Repairs and renovations 2015

EUR million20112012201320142015


Gross investments and sales of investment properties

EUR million20112012201320142015
Gross investments121.574.8223.2200.5235.0
Sales of investment properties-15.4-12.0-16.0-28.8-14.9

As of 2014, the Group adapted IFRS for its financial reporting.


© VVO Group plc 2015 | Material bank