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 2019||31 Dec 2018||31 Dec 2017|
|Fair value of investment properties at 1 Jan||5,093.2||4,710.2||4,298.9|
|Acquisition of investment properties||227.3||338.9||338.6|
|Disposals of investment properties||-26.0||-109.6||-82.2|
|Capitalised borrowing costs||1.9||2.6||3.3|
|Transfer to own use||0.0||0.0|
|Valuation gains/losses on fair value measurement||872.4||127.5||126.2|
|Fair value of investment properties, at the end of period *||6,260.8||5,093.2||4,710.2|
* 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 release||Type||Number of apartments||Location||Completion|
|27 Jan |
|Construction, part of co-operation agreement 30 Aug 2019||45||Espoo centre||2021|
Stock Exchange Release
|Co-operation agreement||676||Kalasatama, Pasila, Munkkivuori, Pitäjänmäki in Helsinki and Perkkaa in Espoo||2021-2022|
|Construction, part of co-operation agreement 2 Mar 2020||256||Munkkivuori, Pitäjänmäki in Helsinki and Perkkaa in Espoo||2021-2022|
|Construction, part of co-operation agreement 2 Mar 2020||291||Kalasatama, Helsinki: Lumo One tower building|
|Construction, part of co-operation agreement 30 Aug 2019||95||Matinkylä, Espoo||2022|
|Co-operation agreement||392||Vartiokylä in Helsinki and Nihtisilta, Niittykumpu and Nöykkiönlaakso in Espoo||2021-2023|
Page updated 9 July 2020