Investments

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.

M€31 Dec 201931 Dec 201831 Dec 2017
Fair value of investment properties at 1 Jan5,093.24,710.24,298.9
Acquisition of investment properties227.3338.9338.6
Modernisation investments30.723.725.4
Disposals of investment properties-26.0-109.6-82.2
Capitalised borrowing costs1.92.63.3
Right-of-use assets*61.3
Transfer to own use0.00.0
Valuation gains/losses on fair value measurement872.4127.5126.2
Fair value of investment properties, at the end of period *6,260.85,093.24,710.2

* IFRS 16 Leases
** Fair value of investment properties in 2017 includes EUR 3.7 million of investment properties held for sale. On 31 December 2018, there were no investment properties held for sale.

Announced projects in 2020

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
27 Jan
Press Release
Construction106Kilo, Espoo2021
11 Feb
Press Release
Construction, part of co-operation agreement 30 Aug 201945Espoo centre2021
2 Mar
Stock Exchange Release
Co-operation agreement676Kalasatama, Pasila, Munkkivuori, Pitäjänmäki in Helsinki and Perkkaa in Espoo2021-2022
11 Mar
Press Release
Construction47Leinelä, Vantaa2021
31 Mar
Press Release
Construction, part of co-operation agreement 2 Mar 2020256Munkkivuori, Pitäjänmäki in Helsinki and Perkkaa in Espoo2021-2022
21 Apr
Press Release
Construction, part of co-operation agreement 2 Mar 2020291Kalasatama, Helsinki: Lumo One tower building
22 Apr
Press Release
Construction59Matinkylä, Espoo2021
13 May
Press Release
Construction137Vermonniitty, Espoo2022
20 May
Press Release
Construction72Suurpelto, Espoo2022
30 Jun
Press Release
Construction, part of co-operation agreement 30 Aug 201995Matinkylä, Espoo2022
30 Jun
Press Release
Co-operation agreement392Vartiokylä in Helsinki and Nihtisilta, Niittykumpu and Nöykkiönlaakso in Espoo2021-2023
30 Jun
Press Release
Acquisition45Vuosaari, Helsinki

Page updated 9 July 2020