Helsinki, Finland, 2015-02-18 14:05 CET (GLOBE NEWSWIRE) -- SATO Corporation, Press Release, 18 Feb 2015 at 3:04 pm
Housing investment company SATO made decisions in late 2014 and early 2015 to construct almost 400 new rental homes. Most of these will be in the Helsinki Metropolitan Area.
Vice President Tuula Entelä from SATO:
- Our strategic objective is to increase the value of SATO's housing assets to €4 billion by 2020. To reach this objective, we will invest around €200 million each year.
- The demand for rental homes is the highest in the Helsinki Metropolitan Area, which is where the prospects for future appreciation are also the best. The properties now launched are located in areas including Jätkäsaari, Helsinki, Saunalahti, Espoo, and Rajakylä, Vantaa. Our first property project in the up-and-coming Keimolanmäki district of Vantaa is also underway, and high-quality five-star SATO RentHomes are under construction in Etu-Töölö, Helsinki.
- SATO is also planning investments in areas such as Perkkaa, Espoo, and an energy-efficient building for Soukka, Espoo.
SATO has been the biggest housing investor in Finland in the 2000s. We have acquired around 13,500 rental homes with a total value of around €1.9 billion. These acquisitions have taken place through purchases of residential units in old housing stock as well as by producing hundreds of new homes every year. The acquisitions carried out in the 2000s have enabled SATO to offer a home for around 25,000 residents.
For more information please contact:
SATO Corporation
Tuula Entelä, Vice President, Helsinki Region and St Petersburg, phone +358 201 34 4007 or +358 400 612 914
SATO is one of Finland's leading corporate investors in housing. SATO’s aim is to offer comprehensive alternatives in rental housing and an excellent customer experience. SATO owns a total of approximately 24,200 rental apartments in the largest Finnish urban growth centres and in St. Petersburg.
In our operations, we promote sustainable development and initiative-taking, and work in open interaction with our stakeholders to create added value. We operate profitably and with a long-term view. We increase the value of our housing property through investments, divestments and repair work.
SATO Group's net sales in 2014 were €312.3 million, operating profit €191.3 million and profit before taxes €152.2 million. SATO's investment properties have a value of roughly €2.5 billion.
