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. We estimate, that investments in development projects amount to approximately EUR 310–360 million in 2021.

M€31 Dec 202131 Dec 202031 Dec 201931 Dec 201831 Dec 2017
Fair value of investment properties at 1 Jan*6 863.16,260.85,093.24,710.24,298.9
Acquisition of investment properties **339.5348.7288.6338.9338.6
Modernisation investments11.927.130.723.725.4
Disposals of investment properties0-4.2-26.0-109.6-82.2
Capitalised borrowing costs5.43.81.92.63.3
Transfer from property, plant and equipment0.01.20.00.0
Profit/loss on fair value of investment properties*1 105.7225.8872.4127.5126.2
Fair value of investment properties, at the end of period 8 327.56,863.16,260.85,093.24,710.2

The value of investment properties includes EUR 1.1 (2.4) million in Investment properties held for sale.
*Includes IFRS 16 Leases. The net gain on the valuation of investment properties at fair value was mainly attributable to yield compression.
*⁾**⁾ Includes the existing apartment stock and the acquisition costs of new projects under construction.

During the financial year 2021, Kojamo signed agreements on the construction of the following projects:

  • 18 January 2021: an agreement with Hausia Oy on the acquisition of two properties in Tillinmäki and Jousenpuisto, Espoo. The properties will comprise a total of 120 apartments.
  • 31 May 2021: an agreement with Suomen Kaupunkikodit Oy on the acquisition of two properties. A conversion project in Helsinki’s Pohjois-Haaga district will have 119 apartments, while 142 new apartments will be built in
    Tampere’s Hervanta district.
  • 30 June 2021: an agreement with Newil & Bau and Samla Asunnot on the acquisition of a newly constructed property in Helsinki’s Lehtisaari district. The property will consist of 54 new apartments.
  • 12 July 2021: an agreement with SRV on the construction of two properties in Helsinki’s Pasila district as part of the
    cooperation agreement signed by Kojamo and SRV in March 2020. The properties will comprise a total of 129
    apartments.
  • 12 July 2021: an agreement with SRV on the construction of 65 apartments in Vantaa’s Veromies district as part of
    the cooperation agreement signed by Kojamo and SRV in August 2019.
  • 12 July 2021: an agreement with Pohjola Rakennus Oy on the construction of two properties in Helsinki’s Kannelmäki and Malmi districts. The properties will comprise a total of 113 apartments.
  • 12 July 2021: an agreement with Hartela on the construction of 80 apartments in Espoo’s Olari district as part of the
    previously signed cooperation agreement with Hartela.
  • 12 July 2021: an agreement with Hausia on the construction of 126 apartments in Vantaa’s Tikkurila district as part
    of the cooperation agreement signed with Hausia in January 2021.
  • 13 December 2021: an agreement with Arkta Reponen Oy on the construction of one property in Espoo’s Olari district. The property will comprise 60 apartments.
  • 14 December 2021: an agreement with SRV on the construction of 78 apartments in Helsinki’s Munkkivuori district
    as part of the cooperation agreement signed by Kojamo and SRV in 2019.
  • 31 December 2021: an agreement with Jalo Oy on the construction of 113 apartments in Helsinki’s Puotila district.

Page updated 17 February 2022