Helsinki, Finland, 2015-12-09 12:48 CET (GLOBE NEWSWIRE) -- SATO Corporation, 9th December 2015 at 1:48 pm
SATO Corporation, one of Finland’s leading rental housing providers, has sold 268 State-subsidised (ARAVA) rental homes to Kunta-aravat Oy of Municipal Housing Ltd (KAS) today. The homes are located in Lohja, Jyväskylä, Oulu and Rovaniemi, Finland. The selling price was verified by the authorities.
SATO aims to increase the supply of rental apartments in the areas where the biggest demand exists – our focus is on the Helsinki Metropolitan Area.
Vice President Tuula Entelä from SATO:
- The demand for rental apartments continues to increase, and we refine our actions accordingly. We invest strongly on rental homes, approximately 200 million euros yearly, and the majority of those apartments are newly built. The majority of our rental apartments are located in the Helsinki Metropolitan Area.
- We carry out divestments on apartments that, in the long run, do not match the demand of rental homes on the areas we have chosen to operate in. The important thing for us is that the residents can continue their tenancies with a good new landlord.
For more information, please contact:
SATO Corporation
Tuula Entelä, Vice President, Helsinki Region and St Petersburg
p. +358 201 34 4007 and +358 400 612 914
Antti Aarnio, Director, Investments and Divestments
p. +358 201 34 4200 and +358 40 164 7052
SATO is one of Finland's leading rental housing providers. 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.