SATO buys more than a thousand homes from Suomen Laatuasunnot
21 April 2016
SATO Corporation, Company Announcement, 21st April at 2:30 pm
Through a transaction conducted today, SATO Corporation has purchased a total of 1,015 rental homes from Suomen Laatuasunnot Oy. The apartments are mainly located in the Helsinki Metropolitan Area and Turku region, and their average floor area is around 56 sqm.
President and CEO Saku Sipola from SATO:
- It is great to see that SATO is regarded as a reliable buyer when a family company like Suomen Laatuasunnot is looking for a new owner for apartments that it has been very committed to. We willl be taking good care of the customer relationships as well as the homes with the solid professionalism that we have accrued over our 75 years of operations.
- This is already the second considerable-sized investment SATO has made in April. We have bought a total of almost 2,400 homes, mainly in the growth centres that are our focus areas. We will still be looking for new investment opportunities in existing housing stock as well as newbuild homes.
Vice President Tuula Entelä from SATO:
- Most of the homes now acquired are apartments in good condition that were built in the 1990s and 2000s. They're located in areas on which the biggest demand for rental homes will focus over the long term and are a good match to our customers' requirements.
- The tenancy relationships of the residents of the homes bought will be transferred to SATO from the beginning of June, and the residents will have access to the customer benefits provided by us. We'll be meeting the residents in their buildings during the summer and autumn.
Chair of the Board of Directors Harri Lähteenmäki from Suomen Laatuasunnot:
- SATO is known to be a stable and reliable landlord company to which we are happy to assign our landlord role. We are convinced that the residents are able to continue to feel safe about their residence.
For more information please contact:
Saku Sipola, President and CEO, phone +358 201 34 4001 or +358 40 551 5953
Tuula Entelä, Vice President, phone +358 201 34 4007 or +358 400 612 914
Suomen Laatuasunnot Oy
Harri Lähteenmäki, Chair, Board of Directors, phone +358 50 1733
Leena Pennanen, CEO, phone: +358 40 555 5785
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 23,400 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 2015 were €323.4 million, operating profit €196.5 million and profit before taxes €159.4 million. SATO's investment properties have a value of roughly €2.8 billion.