Press release, 15 August 2024 at 14:00

Toivo Group Plc (”Toivo”) has completed their first special situation project. The project involved a row and semi-detatched housing development with 13 units, located in East Helsinki, which Toivo took over in November 2023 and handed over to the homebuyers in summer of 2024. The project is wood-structured and built to B-Energy Class standards. The original debt-free sale prices for the site were approximately EUR 6 million. A total of 12 units have been sold.

Project manager Jukka Lampela, who led the project, commented:” A beautiful site near the seafront had been left unfinished due to the developer’s bankruptcy. The site was transferred to Toivo in November 2023, after which we were able to resume construction. The completion of the construction proceeded as planned and the residents were able to move into their new homes in summer of 2024. It’s great that we were able to help resolve a difficult situation and bring our clients’ beautiful homes to life.”

Toivo’s Real Estate Special Situations Unit has been established to respond to the difficult situations that arise from the challenging current conditions in the construction industry. The core mission is to provide solutions for situations, where an unfinished project causes difficulties to financiers, clients, home buyers and other stakeholders. The unit has signed project agreements for a total of three sites and is currently negotiating several new projects.

Toivo Group Plc

Further information

Markus Myllymäki

CEO

Toivo Group Oyj

Tel. +358 (0)40 8476206

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.