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5.4.2024 | Investor newsletters

Investor newsletter April 2024

Kojamo’s investor newsletter is primarily published after an Interim Report and the subsequent roadshows, 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 It does not contain new, unpublished information.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 15 February 2024. The Financial Statements and the Board of Directors’ Report, Corporate Governance Statement and Remuneration Report for 2023 were published on the same day.

The Annual Report and sustainability report were published on 6 March 2024.

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 in February-April via investor events and conference calls. In February, we participated in EPRA’s virtual Nordic Update event. In March, we participated in Nordea’s Mid Q Update and OP’s Real Estate Morning in Helsinki. Additionally, we met investors in Bank of America’s EMEA Real Estate conference in London.

We have been asked a lot about the Finnish rental market and the balancing of the supply and demand. The number of new housing start-ups last year was record low, and the last ongoing projects will be completed in the coming months. New construction projects will not be started in significant numbers this year either, so the supply is expected to fall clearly. At the same time, the continuation of urbanization and increased immigration support the demand for apartments. The opportunities of rent increases are expected to improve at the end of the year and next year.

Our saving programme is progressing according to the plan. The costs of completing the ongoing development projects are only about EUR 10 million this year. One project was completed in January, and our last two projects will be completed during the first half of the year. Possible disposals have been discussed several times. The transaction market has not picked up yet, and no significant transactions were made at the beginning of the year. We have said that other measures of the saving programme and the financing arrangements we have made enable us not to hurry with selling any properties. However, we are following the situation.

Our financing situation has remained good. In January, we successfully issued a EUR 200 million unsecured bond as a private placement, increasing our bond maturing in 2029. It was the first sizable euro-denominated bond issuance by a residential real estate company in over a year. We have discussed with many investors about our refinancing needs and stated that after the January transaction, part of the loans maturing in 2025 have been covered. After the EUR 250 million secured bank financing we made at the end of March, all loans due in 2025 have been covered.

Other topics

The ongoing two development projects are progressing as planned. In January, we told of new Lumo homes in Espoo’s Finnoo being completed during the spring, and they raised a lot of interest.

Last year was sorting and recycling as the theme of the year for Lumo homes, and in the fall of 2023, we implemented a recycling campaign together with the residents to increase the recycling rate. In February, we told about the results of our recycling campaign. The campaign that we executed together with Helsinki Region Environmental Services HSY involved nearly 10,000 households in making sorting more efficient, and the project gave promising results in increasing the amount of biowaste instead of it ending up in mixed waste.

The Annual General Meeting was held on March 14. We announced the resolutions of Kojamo plc’s Annual General Meeting and the organizing meeting of the Board of Directors.

In April, we published the Green Impact Report for 2023. In addition, the Green Finance Framework was updated earlier this year.

Future events

Kojamo’s silent period starts on 8 April 2024, and the Interim Report for January-March 2024 will be published on 8 May 2024.

You can find information about future events and roadshows in Kojamo’s investor calendar.

Niina Saarto, Director, Treasury & 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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