Our strategic target is to invest EUR 200-400 million yearly. Our growth investments are allocated to new development, the conversion of properties to residential use and the acquisition of completed residential properties. We have the capability to pursue growth with a multi-channel approach and quickly react to opportunities thanks to our optimised financing structure. We estimate, that investments in development projects amount to approximately EUR 370–420 million in 2021.

M€31 Dec 202031 Dec 201931 Dec 201831 Dec 2017
Fair value of investment properties at 1 Jan*6,260.85,093.24,710.24,298.9
Acquisition of investment properties * **348.7288.6338.9338.6
Modernisation investments27.130.723.725.4
Disposals of investment properties-4.2-26.0-109.6-82.2
Capitalised borrowing costs3.
Transfer from property, plant and equipment1.20.00.0
Profit/loss on fair value of investment properties *225.8872.4127.5126.2
Fair value of investment properties, at the end of period *6,863.16,260.85,093.24,710.2

* Includes IFRS 16 Leases
** Includes the existing apartment stock and the acquisition costs of new projects under construction

Announced projects in 2021

The list below shows a summary of co-operation agreements, beginnings of construction and acquisitions of portfolios or complete properties. The completion of individual projects within co-operation agreements is subject to customary terms and conditions.

Related releaseTypeNumber of apartmentsLocationCompletion
12 July
Press Release
Construction593 (part of current cooperation agreements)Pasila, Kannelmäki and Malmi, Helsinki; Olari and Jousenpuisto, Espoo; Tikkurila, VantaaBy 2023
31 May
Press Release
Conversion and construction119 and 142Pohjois-Haaga, Helsinki and Hervanta, Tampere2023 and 2024
18 Jan
Press Release
Construction120Tillinmäki and Jousenpuisto, Espoo2022

Page updated 30 July 2021