In 2014, the VVO Group decided to invest over EUR 300 million in new construction, housing acquisitions, and repairs and renovations.
There were more new construction start-ups than in the previous year, mainly in the Helsinki Metropolitan Area. We launched the development of 856 new Lumo apartments during the financial year, and 1,127 privately financed rental apartments were under construction at the end of the year.
VVO sold a total of 291 apartments during 2014. These divestments largely took place in municipalities where demand for rental housing is expected to decrease in the long term. On 8 April 2014, VVO-group plc sold its holding in Suomen Asumisoikeus Oy to Asuntosäätiön Asumisoikeus Oy, a subsidiary of Asuntosäätiö.
VVO spent a total of EUR 78.7 million on repairs and renovations during 2014. Repairs and renovations sought to harness new, more efficient methods and procedures.
The Lumo brand arose from a desire to offer the best possible rental apartments and housing services. Both Lumo and VVO offer resident benefits and a continually developing and expanding range of services that make life easier for tenants – before and after moving in.
For example, we offer an extensive, architect-designed range of paints for interior decoration, and these are available to Lumo residents free of charge on a case-by-case basis. When moving into a new or renovated Lumo building, tenants can also take advantage of our removal and installation services. All tenants are also entitled to the following without additional charge: water, broadband, permission to own pets, an affordable rental deposit of only EUR 250, tenant events, discounts from our partners, and a residents' magazine.
apartments under construction