Investments, divestments and real estate development

VVO Group launched construction of 197 (72) apartments during the review period. There were a total of 1,324 (969) apartments under construction at the end of the period – 1,324 (850) privately financed apartments and 0 (119) State-subsidised apartments. Of the apartments under construction, 851 (773) are located in the Helsinki region and 473 (196) in other Finnish growth centres.

During the review period, VVO Group acquired 40 (0) apartments in Espoo and sold 73 (56) apartments. 0 (123) new apartments were completed during the period. An estimated 736 (750) apartments are scheduled for completion by the end of the year.

The Group’s gross investments totalled EUR 53.3 (32.3) million. EUR 7.5 (4.2) million of these investments was allocated to capitalised renovation costs. The VVO Non-subsidised segment accounted for EUR 51.8 (27.6) million of gross investments, and the VVO State-subsidised segment for EUR 1.5 (4.9) million.

Repair costs totalled EUR 15.9 (13.1) million, of which EUR 8.5 (8.9) million was recognised as expenses in the income statement.

At period end, there were also binding acquisition agreements worth a total of EUR 269.1 (88.8) million.

Properties' temperature-corrected consumption of heating energy decreased by 2.2% on the corresponding period of the previous year.