Helsinki, Finland, 2015-08-24 11:00 CEST (GLOBE NEWSWIRE) -- SATO Corporation, Investor News, 24th August 2015 at 12:00 am
SATO Corporation has today sold 760 State-subsidised (ARAVA) rental apartments to Y-housing, a company owned by the Y-Foundation. The apartments are mainly located in Jyväskylä, the Lahti region and municipalities surrounding the Helsinki Metropolitan Area.
Vice President Tuula Entelä from SATO:
- At SATO we’ll continue to focus our rental homes supply on the Helsinki Metropolitan Area, which is the target of the highest rates of migration and has the strongest demand for rental homes. In our operating areas we concentrate on locations with good transport links and access to a well-functioning service network in the immediate vicinity.
- We’re reducing our ownership in areas with a slower increase in the demand for rental homes over the long term. With today’s transaction we wanted to transfer the homes to a player with strong competence in the provision of rental homes. The Y-Foundation’s long track record in providing affordable homes will guarantee the residents will have a great landlord in the future too.
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
Antti Aarnio, Director, phone +358 201 34 4200 or +358 40 164 7052
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. All told, SATO holds roughly 24,400 rental homes in Finland’s largest 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 €2.7 billion.