Press release, 27 May 2024 at 12:00 a.m.

Toivo Group (” Toivo” or “the Company”) has signed a comprehensive agreement, comprised of a 41,85 million and approximately 141 apartment single family home portfolio to Nuveen Real Estate (“Nuveen”). The contract is one of the most significant new apartment development and building contracts in Finland in the years 2023-2024.

The single-family home portfolio includes one finished asset and three other assets that are to be built, located in Helsinki, Espoo and Vantaa. The single home family portfolio is comprised of detached, semi-detached and terraced houses, that combine private gardens, family home size, A-energy class and functional floor plans. Toivo will build these assets between the years 2025-2027.

Nuveen Real Estate is one of the largest investment managers in the world with $147 billion of assets under management. It manages a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles. Nuveen has also invested in single family homes in other European countries including Denmark.

“Single family homes, that are completed as detached, semi-detached or terraced houses are globally a highly demanded institutional real estate investment class. Toivo has developed and built single family homes for several years. “I am happy, that international institutional investors have found Finnish single-family homes to be an interesting investment class and want to lift Finnish family homes into the institutional investment category. I want to thank Nuveen for this significant contract, and I very much look forward to our collaboration” says Markus Myllymäki, CEO of Toivo Group Plc.

Oscar Maltesen, Director, Nuveen Real Estate, said: “We remain convinced that occupier demand for single family rentals will grow in the largest and most dynamic cities across the Nordics, and look forward to provide these high quality assets to the Helsinki region. The region, demonstrates particularly favourable underlying fundamentals and a highly dynamic rental market. We have already invested significantly in the nascent and undersupplied sub sector in Denmark, and will continue to seek new opportunities in key Nordic cities, with a focus on providing additional supply to the HMA. It has been a great pleasure to work with Toivo on this transaction and we look forward to the continued collaboration to deliver these houses to the rental market.”

Toivo Group Plc

Further information

Markus Myllymäki

CEO

Tel. +358 (0)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 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 way Toivo is able to generate additional value to 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, and in this way enable long-term ownership and the generation of higher additional value to 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 2023 was EUR 43,7 million and its operating profit was EUR -0,3 million