Toivo Group sells the real estate complex to a Norwegian fund

Property developer Toivo Group has executed a transaction in which it has sold the entire share capital of Asunto Oy Espoon Rock and Asunto Oy Espoon Wood & Terrace to the Norwegian financial group Storebrandin for the managed fund Storebrand Nordic Real Estate II.

The object of the sale is a recently completed residential real estate complex located in Espoo’s Saunalahti, which comprises a total of 101 apartments. The transaction was carried out as a share transaction. The total value of the deal is less than 20 million euros.

“We are pleased that we were able to complete this transaction with the respected and long-term real estate investor Storebrand. The transaction is in line with Toivo’s strategy and supports the development of our balance sheet structure and the recycling of capital into new projects,” Toivo Group CEO Markus Myllymäki commented in the announcement.