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11.4.2022 | Investor newsletters

Investor newsletter April 2022

Kojamo’s investor newsletter is primarily published after an Interim Report and the subsequent roadshow, before the beginning of the silent period. The purpose of the newsletter is to discuss topical issues and themes related to Kojamo as an investment that are relevant for investors. It does not contain new, unpublished information. The newsletter is available on Kojamo’s investor pages and can be subscribed to the e-mail.


The Financial Statements Release was published on 17 February 2022. The Financial Statements and the Board of Directors’ Report, Corporate Governance Statement and Remuneration Report for 2021 were published on the same day.

The COVID-19 pandemic did not have a significant impact on Kojamo’s result, balance sheet or cash flows during the review period.

The Annual Report and sustainability report were published on 2 March 2022.

The publications, webcast recording from the results news conference as well as transcript of the event are available at Kojamo’s Investors website.

Roadshows and investor meetings

We have met investors during February-March mainly via virtual roadshows and conference calls.

In investor meetings, we have been asked a lot about Russia’s invasion of Ukraine and the effects of the war on our operations. Kojamo operates only in Finland so the events have not directly affected our business. In addition, the problems with material availability or rising prices caused by sanctions haven’t so far been reflected in Kojamo’s ongoing projects. However, the war will weaken economic growth in Finland and in the euro area, but at this stage there are a lot of uncertainties in the economic forecasts.

Nearly all COVID-19 restrictions were lifted in Finland at the beginning of March. We expect this to be reflected positively in the rental market. Ukraine’s war and rising interest rates have added to the uncertainty, which typically reduces people’s willingness to buy a home and thus supports the demand for rental housing.

We discussed the background to the positive fair value change of the investment properties. The yield compression played an important role. In addition, the fair value change was mainly due to increased cash flows and development gain from completed apartments.

In investor meetings we also talked about inflation and in particular, upward pressure on maintenance costs and construction costs. In our view the construction costs in Finland have increased more than the official statistics, but for our company the effects have remained moderated due to the fixed contract prices.

The financial markets have seen major movements in recent weeks, and interest rates have continued to climb. Despite the challenging market situation, we successfully issued a new EUR 300 million green bond at the end of March. The new funding will be used to finance investments to energy-efficient property development projects. At the end of 2021 we had 2,675 apartments under construction, in addition to which we had binding preliminary agreements for the construction of 636 apartments. In the beginning of this year, we launched the first Metropolia conversion project.

Other topics

Our development projects are progressing as planned. In March, we announced the start of construction work on the first Metropolia site. 77 premium apartments will be built in the Uusi kemia and Vanha kemia facilities located at Bulevardi 31 in Helsinki, and will be completed in autumn 2023.

In February we announced the agreement on the construction of  84 new apartments in Vasaramäki, Turku. The area is located close to the services of Turku city centre and Kupittaa. The apartments will be completed in summer 2023.

Our responsibility work is progressing and our financing agreements support investments which are in line with our sustainability goals. On March 31, we issued a EUR 300 million green bond. In March we also signed a new EUR 100 million Revolving Credit Facility which is linked to our sustainability targets.

The Annual General Meeting was held on March 16. We announced the resolutions of Kojamo plc’s Annual General Meeting and the organizing meeting of the Board of Directors.

We received a flagging notification on February 28, according to which the holding of Heimstaden Bostad AB has reached 15 per cent. 

Future events

Kojamo’s silent period starts on Tuesday, 12 April 2022, and the Interim Report for January-March 2022 will be published on 12 May 2022. You can find information about future events and roadshows in Kojamo’s investor calendar.

Niina Saarto, Group Treasurer, Investor Relations, Kojamo plc,, tel. +358 20 508 3283

Kojamo is Finland’s largest private residential real estate company and one of the biggest investors in Finland. Our mission is to create better urban housing. Lumo offers environmentally friendly housing and services for the city dweller who appreciates quality and effortlessness. We actively develop the value of our investment properties by developing new properties and our existing property portfolio. We want to be the property market frontrunner and the number one choice for our customers. Kojamo’s shares are listed on the official list of Nasdaq Helsinki. For more information, please visit

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