SATO Corporation, Press release, 15 September 2017 at 12:00
The rental housing stock of one of Finland's largest rental housing providers, SATO Corporation, increased today by 150 apartments as the company bought residential properties from Veritas Pension Insurance located in Espoo, Vantaa and Turku. The apartments are in city-centre locations. SATO's strategic policy is to increase the supply of rental homes in the Helsinki Metropolitan Area, Tampere and Turku and that way support urbanisation development.
According to SATO Vice President for Investments Antti Aarnio, succeeding in the urbanisation development is a cornerstone for Finland's economic success and creation of new jobs. Job creation primarily takes place in big cities, and the supply of housing in growing cities must be sufficient to enable the mobility of labour.
- The five buildings acquired are situated in SATO's growth areas, and their locations are a good match to our customers' requests. For example, the building in Turku is located right in the heart of the city and the ones in Vantaa in the Tikkurila and Myyrmäki districts, both of which are undergoing rapid development, says Aarnio.
- In accordance with our Customer-first programme, we'll meet the residents of these buildings during the autumn to discuss matters relevant to their building with them. We want to get to know the residents and also introduce their building's own service manager to them. This will lower the threshold to contact us about anything to do with their own home or living in a SATO building.
With this transaction included, SATO has acquired a total of 937 new rental homes this year through new construction, renovation and purchases. At the end of June, there were a total of 1,298 rental homes under construction.
For more information please contact:
Antti Aarnio, Vice President, +358 201 34 4200 or +358 40 164 70 52
SATO is one of Finland's leading rental housing providers. SATO aims to offer a comprehensive choice of rental housing and an excellent customer experience. At year-end 2016 SATO owned around 25,300 apartments in Finland's largest growth centres and in St Petersburg.
We promote sustainable development and initiative through our operations and work in open interaction with our stakeholders to generate added value. We operate profitably and with a long-term view. We increase the value of our housing assets through investments, divestments and repairs.
In accordance with the new reporting practice*, the SATO Group's net sales in 2016 were EUR 263.0 million, operating profit EUR 267.2 million and profit before taxes EUR 219.4 million. The value of SATO's investment assets is roughly EUR 3.4 billion.
*Net sales have been adjusted in accordance with the new reporting practice.*