Kojamo’s goal is to own approximately 38,000 rental apartments by the end of 2021. At the end of 2018, our property portfolio consisted of 34,713 apartments. At the end of the year, the fair value of our investment properties was EUR 5.1 billion, while our long-term goal is EUR 6.0 billion.

*The Helsinki Metropolitan area comprises the following cities: Helsinki, Espoo, Vantaa, Kauniainen, Hyvinkää, Järvenpää, Kerava, Kirkkonummi, Mäntsälä, Nurmijärvi, Pornainen, Porvoo, Riihimäki, Sipoo, Tuusula and Vihti.

M€31 Dec 201831 Dec 2017
Fair value of investment properties at 1 Jan4,710.24,298.9
Acquisition of investment properties338.9338.6
Modernisation investments23.725.4
Disposals of investment properties-109.6-82.2
Capitalised borrowing costs2.63.3
Transfer to own use0.00.0
Valuation gains/losses on fair value measurement127.5126.2
Fair value of investment properties, at the end of period *5,093.24,710.2
* 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.

Investments in 2018

Kojamo acquired 981 apartments from OP Financial Group’s real estate funds and 68 apartments from Henna and Pertti Niemistö Art Foundation (ARS FENNICA sr). During 2018, 1,258 new Lumo rental apartments were completed.

In 2018, we continued divesting apartments outside the growth centres in accordance with our strategy. During the year, we sold 1,594 rental apartments in 15 locations to a real estate fund managed by the Morgan Stanley Real Estate Investing, to Renger Investment Management and to Premico Group.

Property development in 2018

In property development, we continued renovations as well as mapped new construction and conversion projects. In recent years, conversion projects have gained popularity as a way of utilising the best locations in the growth centres.

One significant conversion project is the property complex that was previously used by the Metropolia University of Applied Sciences. In the past year, we have been negotiating with the city of Helsinki and investigating opportunities to develop the properties into Lumo rental apartments.

Another significant real estate development project taking place in the next few years is located in the SunZeb block in Kalasatama, Helsinki. The Lumo homes we are building in the block offer advanced quality of living and energy efficiency solutions. Our partners in the development of the block are Asuntosäätiö, Fira and Helen. The project combines smart solutions and energy efficiency.

Page updated 14 June 2019