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11.11.2016 | News

VVO Group and Temotek Oy signed an agreement on building 73 Lumo apartments in Oulu

VVO Kodit Oy and Temotek Oy, based in Oulu, signed a co-operation agreement on building 73 Lumo apartments in the Linnanmaa district in Oulu. The apartments will be completed in 2017. The parties do not disclose the value of the agreement.

The agreement covers the construction of an apartment block with the overall responsibility for the entire construction project and with turnkey delivery to the customer. The apartments are mainly studios and one-bedroom apartments. The site is located in the immediate vicinity of Technopolis Oulu and the campus of the University of Oulu.

“For us, this project with VVO Kodit Oy is a significant step forward in our role as a strong residential construction company. The project involves our execution team that has strong references from residential construction. With competent planning control, we will carry out the project in co-operation with VVO Kodit Oy – on time, cost-efficiently and with due consideration for quality and environmental issues,” says Raimo Pahkala, CEO at Temotek Oy.

More apartments in areas were labour demand is set to increase

VVO Group is growing rapidly and making significant investments in increasing its supply of Lumo apartments by developing new residential properties and buying existing housing stock. The fair value of the apartments is EUR 4.0 billion.

The Group intends to build a significant number of new rental apartments by the end of 2021 in areas where labour demand is set to increase. Oulu is one of the growth centres in Finland. The company’s mission is to make it easier for people to move to growth centres in pursuit of employment, thereby contributing to stimulating the Finnish economy. New housing services and flexible rental housing play a key role in improving the mobility of the workforce.

“Building sustainable rental apartments in areas suffering from housing shortage is our goal. We aim to increase the number of the Group’s rental apartments by a thousand per year,” says Kim Jolkkonen, Real Estate Development Director at VVO Group.

More information:

Kim Jolkkonen, Real Estate Development Director, VVO Group plc, tel. +358 400 243144,

Raimo Pahkala, CEO, Temotek Oy, tel. +358 50 349 3225,

VVO Group plc offers rental apartments and housing services in Finnish growth centres. The vision of the housing investment company is to be a pioneer in housing and the customer’s number-one choice.