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29.9.2023 | Investor newsletters

Investor newsletter September 2023

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 It does not contain new, unpublished information.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 Half-Year Financial Report for January-June 2023 was published on 17 August 2023.

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 August-September via conference calls. Additionally, we participated in Bank of America’s Global Real Estate Conference in New York in September.

There has been a lot of questions on the Finnish market, and the number of new housing starts has dropped substantially all over the country. This year, the number of new housing starts will be at a record low which will affect the amount of supply with a small delay. At the moment, the supply is still at a high level but declining, as most of the housing projects under construction for the market will be completed either this year or early next year. The situation in the rental market has continued to be positive. The low volumes of housing sales have supported the rental market, and our rental activity has continued to be brisk.

Many investors have asked about the saving programme we launched and the rationale behind it. We have said that although our financial position and key figures are good at the moment, the uncertainty of the operating environment and financial markets has continued. It is important for us to take proactive measures now to keep our situation strong and our credit rating at the investment grade level. We have discussed the different components of the saving programme and stated that the planned savings are to be achieved during 2024. On-going modernisation investments will be completed, but no new projects will be started. The short-term postponement of modernisation investments has no effect on the condition of our properties. Repairs will be reduced, but we will still make those repairs that are necessary and support rental activity.

One very topical discussion point has been the availability and price of financing as well as our plans to refinance loans maturing in the near future. We have already mentioned earlier that loans maturing this year were refinanced with the financing arrangements made in the spring. We are having discussions about the next financing arrangement, and our goal is to agree on a secured bank financing during the autumn, with which we will refinance our bond maturing in June 2024. The price of secured bank financing is clearly more affordable than bond financing. In addition, we have a lot of headroom in the key figures related to the loan collaterals, which enables the use of collaterals in the future financing arrangement.

Other topics

In August, we launched a saving programme to maintain a strong financial position. The company targets total savings of approximately EUR 43 million in costs and investments during 2024, of which the share of costs is estimated to be approximately EUR 18 million. As a part of the saving programme, Kojamo started change negotiations. In addition, the company’s Board of Directors will propose to the Annual General Meeting in the spring of 2024 that no dividend be paid for 2023.

In August, we announced that CXO Tiina Kuusisto is to leave Kojamo. Her work obligation ended on August 23, 2023 upon mutual agreement. Executive Vice President, Housing, Janne Ojalehto is now responsible for the organization to which the CX organization previously led by Kuusisto was also included.

In September, we published the dates for our financial reporting and Annual General Meeting for 2024.

In September, we also published the composition of our shareholders’ nomination board which consists of Christian Fladeland, CIO, Heimstaden AB, Jouko Pölönen, CEO, Ilmarinen Mutual Pension Insurance Company, and Risto Murto, CEO, Varma Mutual Pension Insurance Company.

Kojamo takes big steps towards carbon neutrality. In September, we announced that Kojamo and Vantaan Energia have signed a demand response agreement regarding Kojamo’s residential properties located in Vantaa. At the same time, Kojamo will adopt zero-emission district heating in over half of its Vantaa properties. With this combination, Kojamo accelerates the carbon neutrality goal of its sustainability programme, which is set to be reached in 2030.

The attractiveness of Tikkurila area in Vantaa as a residential area is growing, increasing the demand for rental housing. In September, we discussed how we respond to the increasing demand with four new buildings that will be completed in the area by the end of the year. These new houses will be within walking distance of everything one needs in their day-to-day life, and they will have excellent public transportation connections.

Other ongoing development projects are also progressing according to plans. In September, we announced that 84 new apartments will be completed at Vasaramäki in Turku, with first residents moving in December.

In September, we opened the applications for applying for a grant with which we continue to support children and adolescents’ hobbies. The Lumo grant and sponsorship programme has been running since 2012.

Future events

Kojamo’s silent period starts on Tuesday, 3 October 2023, and the Interim Report for January-September 2023 will be published on Thursday, 2 November 2023. 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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