Press release, 2 September 2025 at 10:00am

Toivo Group Plc ("Toivo") has initiated a joint project with Nordevo Oy ("Nordevo") in Ruskeasuo, Helsinki. The project involves completing the construction of an unfinished apartment building that was purchased from the bankruptcy estate of a bankrupt construction company. The completion rate of the building is currently approximately 50%, and its estimated completion date is in early spring 2026. The property includes 35 apartments and one commercial unit, with a total floor area of approximately 2,200 m².

Toivo and Nordevo negotiated the purchase of the building with the bankruptcy estate in spring 2025, and the transaction was finalized in May. Preparatory work was carried out over the summer, and actual construction began on September 1, 2025.

“The project is named Keskuspuiston Grand and will be sold to consumers under the RS system. The location is excellent—there is very little supply of new apartments in Ruskeasuo, which is why the project has generated exceptionally strong demand. A large portion of the apartments have already been sold or reserved, and interest remains high. Nordevo is an ideal partner for us because they are already familiar with the project and have the necessary capability and expertise to complete the construction,” says Lauri Rekola, Director at Toivo.

“Cooperation with Toivo has been smooth and constructive from the start. We share a common goal of providing customers with a safer and easier way to buy and own an apartment. The apartments are sold without company loans, and buyers have the option to pay only upon completion, making this Finland’s safest new development. It’s great to be part of a project that combines a good location, high-quality apartments and shared spaces, strong demand, and skilled professionals. We will ensure that the project is completed on schedule and to a high standard,” says Juuso Hietanen, CEO of Nordevo.

Toivo Group Plc

Further information
Markus Myllymäki
CEO
Toivo Group Plc
Tel. +358 40 847 6206
markus.myllymaki@toivo.fi

About Toivo
Toivo is a Finnish real estate company that was founded in 2015. Its business consists of project development and long-term ownership of apartments. The Company’s business model is unique as Toivo’s business combines the value chain of the real estate business, from development and construction to ownership, management and rental of a completed property. Toivo manages the entire life cycle of properties with its own team, from raw land development to tenancy agreement negotiations and property maintenance. This ensures that Toivo is able to generate additional value for its customers, shareholders and stakeholders.

Toivo’s strategy is to develop properties in accordance with the Toivo concept. The properties aim for a strong development margin and a stable and attractive return, which enable long-term ownership and the generation of higher additional value for Toivo’s customers. Toivo has a knowledgeable and experienced team of experts with strong merits in the real estate business. The members of Toivo’s team have been involved in the development and construction of over 17,000 apartments, and they have an average of ten years of experience in the real estate business.

Toivo’s revenue in 2024 was EUR 39,8 million and its operating profit was EUR 4,5 million.

About Nordevo

Nordevo is a reformer in construction and residential development, committed to doing things better, more fairly, and with a customer-centric approach. The company believes in transparency, smooth service, and a high-quality living experience where the resident is at the center.

Nordevo develops, commissions, and builds apartments, commercial spaces, and hotels. Its staff consists of top professionals united by a shared vision of creating better homes and workspaces—places where people feel comfortable and want to return. The company’s operations are guided by strong values, emphasizing responsibility, long-term thinking, and customer orientation.

The company’s leadership team has experience in building over 150,000 apartments across nine countries, as well as dozens of commercial property projects in Finland.