40,194 rental apartments in 43 locations

VVO owned 40,194 rental apartments in 43 locations at the end of 2013, an increase of 248 units on the previous year.

The apartment portfolio grew through acquisition and new construction in the Helsinki Metropolitan Area and in the largest urban growth areas, but fell through divestment principally in areas experiencing decline. The average age of VVO's apartments was 30.1 years at year end.

The book value of VVO-owned rental apartments and business premises in the rental apartment buildings at year end was EUR 2,038.1 (1,949.5) million and the fair value EUR 3,351.1 (3,120.0) million, representing an increase of EUR 88.6 million in book value on the previous year. The difference between fair value and book value increased by EUR 142.5 million to EUR 1,313.0 million at year end. The growing difference was attributed to apartment price and rent development, and to the end of state-subsidy restrictions in some properties. For determination of fair value and the assessment procedure, see the financial statements.