SATO Oyj
Housing investment company SATO makes new investments in Turku
DGAP-News: SATO Oyj 2015-06-01 / 08:27 --------------------------------------------------------------------- Helsinki, Finland, 2015-06-01 08:27 CEST (GLOBE NEWSWIRE) -- SATO Corporation, Investor News, 1st June 2015 at 9:27 am SATO Corporation has increased its investments in rental homes in Turku, Finland, by around EUR20 million. SATO has bought 77 rental homes completed in the 1990s and located in the centre of Turku from the Turku University Foundation and 54 rental homes to be completed in the Länsikeskus area in late summer 2016 from NCC. A further 9 SATO RentHomes were bought in a property to be completed in autumn 2016 in the Kupittaa district. Following the completion of the investments, SATO will have near to 1,200 rental homes in Turku, with 63 of these under construction. Matti Keitilä, Director, Turku Region, from SATO: - Demand for rental homes in Turku has remained at a good level for a long time. Turku is a university city and has an economic structure providing a relatively high rate of employment. The homes bought from the University Foundation are located in the sought-after Tervatori residential area close to the university, while the building acquired from NCC will be constructed less than four kilometres from the centre of Turku in the immediate vicinity of the Länsikeskus shops and services. - The homes acquired by us now are mainly small apartments and a good match to our customers' requirements. Small homes are in high demand in all growing cities, including Turku. Region Manager Marjo Jaakkola from NCC: - We're happy about our continued cooperation with SATO. NCC will focus on diverse housing production and good partnerships in the future too. ATTACHMENT A photo of a house aqcuired in Tervatori district For more information please contact: SATO Corporation Matti Keitilä, Director, Turku Region, phone +358 201 34 4183 or +358 50 559 5318 NCC Housing Marjo Jaakkola, Region Manager, phone +358 10 507 8890 or +358 50 564 3544 www.sato.fi www.ncc.fi 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 24,200 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 EUR312.3 million, operating profit EUR191.3 million and profit before taxes EUR152.2 million. SATO's investment properties have a value of roughly EUR2.6 billion. News Source: NASDAQ OMX --------------------------------------------------------------------- 2015-06-01 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: SATO Oyj Finland ISIN: FI0009011688 End of News DGAP News-Service --------------------------------------------------------------------- 363737 2015-06-01
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