Investments, divestments and real estate development

VVO Group launched construction of 258 (242) apartments during the review period. There were a total of 1,385 (919) apartments under construction at the end of the period – 1,385 (858) privately financed apartments and 0 (61) state-subsidised apartments. Of the apartments under construction, 912 (759) are located in the Helsinki region and 473 (160) in other Finnish growth centres.

During the review period, VVO Group acquired 40 (74) apartments in Espoo and sold 159 (156) apartments. In addition, VVO Group acquired two development properties in Helsinki. 0 (343) new apartments were completed during the period. An estimated 736 (749) apartments are scheduled for completion by the end of the year.

The Group’s gross investments totalled EUR 115.0 (101.7) million. EUR 19.9 (12.2) million of these investments were capitalised renovation costs. The VVO Non-subsidised segment accounted for EUR 110.6 (93.0) million of gross investments, and the VVO State-subsidised segment for EUR 4.4 (8.9) million.

Repair costs totalled EUR 40.4 (32.9) million, of which EUR 20.5 (20.7) million was recognised as expenses in the income statement.

At period end, there were binding acquisition agreements worth a total of 238.5 (118.2) million.

During the review period, properties’ temperature-corrected consumption of heating energy was 383,753 (383,646) MWh.