Apartments for urban growth areas

During the review period, VVO made investment decisions worth nearly EUR 300 million regarding new construction, property acquisitions and repairs.

The number of construction projects launched increased on the previous year, with the development of 721 new privately financed apartments initiated by year end. At the end of 2013, VVO was building 1,020 rental apartments, of which 901 were privately financed and 119 interest-subsidised. New construction focused on urban growth areas where demand for rental housing is high and expected to remain so in the future.

VVO also seeks to increase its property portfolio by acquiring properties in urban growth areas. During the review period, VVO bought 443 rental apartments, all of which were privately financed. These apartments, located in Helsinki, Espoo and Vantaa, are an excellent addition to VVO's portfolio in the Helsinki Metropolitan Area.

In 2013, VVO sold 446 apartments. These divestments largely took place in municipalities where demand for rental housing is assumed to decrease in the long term. During the review period, VVO divested its rental housing stock in Kemi and Loviisa.

In 2013, VVO spent EUR 83.8 million in repairs, of which investment repairs, such as renovations, accounted for EUR 35.3 million. VVO increased its efforts to develop and discover more efficient repair methods and procedures, seeking shorter turnaround and improved cost efficiency.

Major renovations were carried out during the review period in Espoo, Helsinki, Lahti, Vantaa and Tampere.