Toivo Group Plc (Toivo) has completed its first special situation project. The project involved a row and semi-detatched housing development with 13 units, located in East Helsinki, which Toivo took over in November 2023 and handed over to the homebuyers in the summer of 2024. The project is wood-structured and built to B-Energy Class standards. The original debt-free sale prices for the site were approximately €6m. A total of 12 units have been sold.
Project manager Jukka Lampela, who led the project, commented: “A beautiful site near the seafront had been left unfinished due to the developer’s bankruptcy. The site was transferred to Toivo in November 2023, after which we were able to resume construction. The completion of the construction proceeded as planned and the residents were able to move into their new homes in the summer of 2024. It’s great that we were able to help resolve a difficult situation and bring our clients’ beautiful homes to life.”
Toivo’s Real Estate Special Situations Unit has been established to respond to the difficult situations that arise from the challenging current conditions in the construction industry. The core mission is to provide solutions for situations, where an unfinished project causes difficulties to financiers, clients, home buyers and other stakeholders. The unit has signed project agreements for a total of three sites and is currently negotiating several new projects.
Image provided by Toivo.
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