Press release, 16 April 2026 at 3:00 pm

Toivo Projektinhallinta Oy (“Toivo”) has signed a turnkey (KVR) construction contract with VAV Yhtymä Oy for the development of a residential apartment project in the Aviapolis district of Vantaa.

The project consists of two apartment buildings featuring approximately 110 rental apartments, along with a parking facility. The total value of the contract is approximately EUR 17 million.

The residential buildings will be constructed in accordance with the criteria of the Nordic Swan Ecolabel. Design work is currently underway, and construction is estimated to begin in the third quarter of 2026.

"It is great to be able to carry out this significant project in cooperation with VAV Yhtymä Oy and to build high-quality, comfortable homes in the developing Aviapolis area. Permitting and design are already in full swing, and cooperation between the parties has started very well," says Markus Pulkkinen, CEO of Toivo Projektinhallinta Oy.

“We are pleased to be able to carry out the residential apartment buildings in Aviapolis together with Toivo Projektinhallinta. They have a strong track record in residential construction, and I believe that together we will find the best design solutions that will lead to a high-quality end result. Our collaboration has been very smooth from the very beginning”, comments Antti Huurre, Technical Director of VAV Group.

Further information

Markus Pulkkinen

CEO, Toivo Projektinhallinta Oy

Tel +358(0)40 771 5591

markus.pulkkinen@toivo.fi

Antti Huurre

Technical Director, VAV Group

Tel. +358(0)10 505 8207

antti.huurre@vav.fi

About VAV

VAV is a rental housing group whose parent company is owned by the City of Vantaa. We own nearly 12,000 rental apartments across Vantaa, providing homes for approximately one in ten residents of the city. vav.fi

About Toivo

Toivo is a Finnish real estate company founded in 2015, specializing in residential and social infrastructure properties. The company’s business model is unique as it integrates the entire real estate value chain—from property development and construction to ownership, management, leasing, and sales of completed properties. Toivo’s in-house team manages the full lifecycle of a property, from raw land acquisition to lease negotiations and property maintenance.

Toivo’s strategy is to develop clear and efficient properties with strong development margins, stable and attractive returns, and excellent locations. This enables the company to deliver maximum added value to its customers, owners, and stakeholders. Toivo is backed by a skilled and experienced team of professionals with strong credentials in the real estate sector. The team members have collectively been involved in the development and construction of over 17,000 apartments and have an average of ten years of experience in the industry.

In 2025, Toivo’s revenue was EUR 61.7 million and operating profit EUR 8.0 million