VVO Group plc is preparing a name change. The new name will be put into use as soon as the Annual General Meeting makes the decision on 27 March 2017. The Group’s parent company is changing its name to correspond with the renewed strategy and business operations.
The need for a name change stems from the considerable renewal implemented in the company. The company is now clarifying its operations and enhancing its competitive strength with the name change. It is easier for customers to understand the Group’s ideology of offering commercial Lumo homes and non-commercial VVO homes. In future, the parent company of the group will operate under a new name differing from the names of the apartments. The change will not affect the everyday lives of residents.
– We wish to clarify our operations and emphasise the parent company of our Group as a housing investment company. The name change highlights the strategic reform implemented in the Group. The Group’s operational transformation aims to ensure future competitiveness as Finland is becoming increasingly urbanised, the world is changing, and people’s housing preferences are developing rapidly. We help people move to the growth centres where all the jobs are in the urbanising Finland where rental housing is increasingly appealing. We wish to be involved in the construction of well-being in Finland and we will be substantially investing in rental housing in the near future, says CEO Jani Nieminen.
The housing investment company is a commercial business carrying out market-based operations in a competitive sector. The company is the largest real estate investor in Finland with its EUR 4.3 billion apartment assets. The company’s share of the entire rental housing market is approximately 4.2%.
The Group contains Lumo and VVO rental apartments: Lumo offers housing solutions and new services for its customers with more than 31,000 apartments. The name VVO will remain in use for the non-commercial rental operations of about 3,800 apartments.
– We plan to continue investing in the customer experience and the service design of housing. We wish to be the customer’s number-one choice and offer better urban housing and services that make everyday living easier, says Nieminen.
Over the last five years, the Group has invested nearly EUR 1.5 billion in commercial rental housing on the open market. The Group has also initiated the construction of 3,872 new privately financed apartments. In addition, the company has procured a significant number of apartments and introduced service design as a feature included in the housing of the Lumo brand.
CEO Jani Nieminen, tel. +358 (0)20 508 3201, jani.nieminen(at)vvo.fi
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.