Finland’s VVO sets new rental housing record

With 1400 rental housing units worth EUR 200 million under construction, VVO is building more homes than at any time in the company’s history.

VVO, Finland’s largest national provider of housing services, currently has 1400 rental housing units under construction – the largest number in the company’s history. About 1300 of the new homes are being built in the Helsinki metropolitan area, and the rest in the cities of Kuopio and Tampere. The total purchase value of the new housing is about EUR 200 million.

According to Eero Saastamoinen, Director, Investments, VVO set its objective to substantially increase rental housing already in 2007. VVO’s rate of new construction is likely to slow down again in the near future but the company will be undertaking a large number of renovation projects, says Saastamoinen.

VVO is a publicly-listed company providing housing services and is part of the VVO Group plc. The company’s services range from development and construction to the renting and sale of apartments. The share of rental housing in the group turnover is 74%, housing development and construction 23%, and other business 3%. VVO’s turnover in 2009 was EUR 343 million. The company has about 38,000 rental and owner-occupier dwellings in more than 50 different municipalities and employs almost 400 people.

Sources: Keski-Uusimaa, VVO