Toivo Group Plc (Toivo) has been developing, constructing, and owning rental apartments in the Helsinki metropolitan area, Turku, and Tampere since 2015. The sold apartment portfolio combines functionality, modern architecture, an A energy rating, and excellent public transport connections.
The Company has sold part of its residential portfolio to Sirius Capital Partners' newly established residential vehicle, as part of the strategy change published in connection with the publication of the financial statements for 2023, which will release capital from completed properties for the development and construction of new projects.
The portfolio consists of three separate apartment buildings completed between 2021 and 2023, located in Kirkkonummi and Jarvenpaa. The sold portfolio includes a total of 240 apartments, with a total transaction value of c.. €35m.
"The cooperation with Sirius Capital Partners during the transaction process has been excellent, and we hope to deepen our collaboration with the buyer in the future," said the Company's CEO, Markus Myllymaki.
"These newly-built assets with very attractive micro-locations are an excellent fit to our residential portfolio. We are very impressed with Toivo's approach in planning and executing these assets in an energy-efficient manner with best-in-class A energy ratings," added Jonas Ahlblad, Chief Investment Officer at Sirius Capital Partners.
The transaction is not expected to have a significant impact on the Company's 2024 operating profit forecast.
Image source - Toivo.
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