Investments and property development

During the review period, VVO decided to begin the construction of 72 (122) privately financed apartments in Helsinki's Kalasatama and in Lappeenranta town centre.

At the end of the period under review, 969 (645) rental apartments were under construction, 850 (526) of which were privately financed and 119 (119) of which were financed on the basis of long-term interest subsidies. A total of 773 (488) of these are located in the Helsinki region and 196 (157) in other Finnish growth centres.

During the review period, VVO invited construction companies to bid for rental apartment construction projects worth a hundred million euros, mainly in the Helsinki Metropolitan Area. This competitive bid requires that half of the apartments be built in Helsinki, while the remaining apartments be largely built in Espoo and Kauniainen and, to a smaller extent, in Vantaa, the municipalities surrounding Helsinki or in the town centres of Tampere, Jyväskylä, Lahti or Kuopio. The bid covers privately financed rental apartments with an average size of no more than 55 square metres, built on the construction company's plot.

During the review period, VVO sold 56 (100) apartments.

The Group’s gross investments amounted to EUR 32.3 (27.4) million, A total of EUR 4.2 (8.6) million of these investments was allocated to capitalised renovation costs.

The VVO Non-subsidised segment accounted for EUR 27.3 (24.0) million of gross investment, and the VVO State-subsidised segment for EUR 5.0 (3.4) million.

Repair costs totalled EUR 13.1 (15.2) million, EUR 9.0 (6.7) million of which was allocated to renovations with an effect on earnings.

During the review period, the temperature-corrected consumption of heating energy in VVO properties remained level with the corresponding period in the previous year.