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 160–190 million in 2023.

M€31 Dec 202231 Dec 202131 Dec 202031 Dec 201931 Dec 201831 Dec 2017
Fair value of investment properties at 1 Jan*8,327.56,863.16,260.85,093.24,710.24,298.9
Acquisition of investment properties **478.9339.5348.7288.6338.9338.6
Modernisation investments22.511.927.130.723.725.4
Disposals of investment properties-1.3-2.5-4.2-26.0-109.6-82.2
Capitalised borrowing costs4.
Transfer from property, plant and equipment0.
Profit/loss on fair value of investment properties*-682.01,105.7225.8872.4127.5126.2
Fair value of investment properties, at the end of period 8,150.28,327.56,863.16,260.85,093.24,710.2

The value of investment properties includes EUR 0.0 (1.1) million in Investment properties held for sale.
*Includes leases for plots of land. The net result on the valuation of investment properties at fair value was mainly attributable to changes in yields.
*⁾**⁾ Includes the existing apartment stock and the acquisition costs of new projects under construction.

During the financial year 2022, Kojamo signed agreements on the construction of the following projects:

  • 8 February 2022: an agreement with Marvea Oy on the construction of 49 new rental apartments in the centre of Tampere.
  • 22 February 2022: an agreement with Jatke Länsi-Suomi Oy on the construction of 84 new rental apartments in Vasaramäki, Turku.
  • 15 March 2022: an agreement with Jatke Toimitilat Oy on the construction of 77 new rental apartments on Bulevardi 31, Helsinki.
  • 25 April 2022: an agreement with Hausia on the construction of 178 new rental apartments in Finnoo, Espoo.
  • 27 June 2022: an agreement with Varte Oy on the construction of 98 apartments in Pähkinärinne, Vantaa.

Page updated 22 February 2023