SATO Corporation, Stock exchange release, 25 April 2022 at 12:30 pm
SATO, one of Finland's largest rental housing providers, is focusing its housing portfolio on the Helsinki Metropolitan Area, Tampere and Turku. SATO has sold around 2,000 homes located elsewhere in Finland to Swedish real estate investor Heimstaden.
On 22 April 2022, SATO Group companies have signed an agreement on the divestment of 2,009 rental homes in six cities and municipalities around Finland to Swedish real estate investor Heimstaden. Transaction is closed 25 April 2022.
The properties sold in this transaction are located in Hämeenlinna, Jyväskylä, Lahti, Oulu, Vihti and Ylöjärvi. The lease agreements will be transferred to the buyer as they are in the transaction.
The divestment carries out the SATO strategy to focus housing investments on the Helsinki Metropolitan area and its commuter area along the main railway line as well as on Tampere and Turku and their surrounding municipalities. The properties now sold are mostly located outside the growth centres covered by the strategy.
"In line with our strategy, we're focusing our housing portfolio on Finland's largest growth centres in areas with good access to public transport and services. We want to have a close presence in the everyday lives of our residents in these cities. Over the past couple of years, we've been building our service organisation and, for example, expanded our House Expert operating model in the Helsinki Metropolitan Area, Tampere and Turku," says SATO President and CEO Antti Aarnio.
For media enquiries please contact:
SATO Corporation
Antti Aarnio, President and CEO, phone: +358 40 164 7052, antti.aarnio@sato.fi
Arto Aalto, Vice President, Investments, phone: +358 40 513 0702, arto.aalto@sato.fi
www.sato.fi
Heimstaden
Christian Dreyer, Chief Corporate Communications and Public Affairs Officer,
phone +47 907 24 999, christian.dreyer@heimstaden.com
DISTRIBUTION: NASDAQ Helsinki Ltd, Euronext Dublin, main media, www.sato.fi
SATO Corporation is an expert in sustainable rental housing and one of Finland's largest rental housing providers. SATO owns around 25,000 rental homes in the Helsinki Metropolitan Area, Tampere and Turku.
SATO aims to provide an excellent customer experience and a comprehensive range of urban rental housing alternatives with good access to public transport and services. We promote sustainable development and work in open interaction with our stakeholders. SATO invests profitably, sustainably and with a long-term view. We increase the value of our assets through investments, divestments and repairs.
In 2021, SATO Corporation's net sales totalled EUR 298.3 million, operating profit EUR 304.5 million and profit before taxes EUR 259.4 million. The value of SATO's investment properties is around EUR 5 billion.
