SATO obtains €150m loan from European Investment Bank
11 November 2016
SATO Corporation, Company Announcement, 11th November 2016 at 12:30 pm
Rental housing investments to improve energy efficiency through cooperation
SATO Corporation and the European Investment Bank (EIB) have agreed on a long-term loan of €150 million. The loan is unsecured and guaranteed by a subsidiary. The shared objective of the venture is the construction of new, near-zero-energy buildings and renovation investments to improve the energy efficiency of the Group's current rental housing stock over the next few years. The loan will be extended under the European Fund for Strategic Investments (EFSI) and the granting of the loan is based on EIB's assessment on SATO's ability to manage well the environmental and social aspects of the cooperation projects.
SATO's President and CEO Saku Sipola:
- Urbanisation and sustainability are trends that are changing people's values and the choices they make. The construction of new, near-zero-energy residential buildings responds to the demands related to curbing climate change. The cooperation will allow us to achieve annual energy savings estimated to be in the region of 2,500 megawatt hours. This is equal to the energy consumption of ten blocks of flats built according to current code.
- Our aim is to achieve greater flexibility to our financial structure by increasing our share of unencumbered housing assets. So far we have moved towards this target by utilising the unsecured bond market, and I see our cooperation with the EIB as a natural progression towards more diversified financing sources.
For more information please contact:
Saku Sipola, President and CEO, phone +358 201 34 4001 or +358 40 5515 953
Janne Runsamo, Group Treasurer, phone +358 201 34 4009 or +358 45 671 567
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. SATO holds roughly 25,700 rental apartments 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.