Here are Frans’s comments on this recent sale. 
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More positive news from Toivo:
This point was particularly pleasing:
“More broadly, positive development has been seen in the sales volumes of our properties.”
Toivo’s stock is currently facing relatively strong selling pressure. Yesterday, in the closing auction, there was a block of over 100,000 shares for sale.
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Spartamed disappeared from the list of largest owners in November, when they previously held over 140,000 shares, meaning the selling pressure came from there.
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Adding some meat to the bones of the bolded part, demand is good in another property as well, and all apartments are reserved:
When demand is this good, one would assume margins are also okay relative to the economic cycle.
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From the latest ownership list, it’s worth noting that board member Harri Tahkola had increased his ownership:
There is no disclosure obligation when the amount in euros remains below 20k€. Or did this limit only apply to First North? Toivo is now on the main list.
Aki Pyysing has also increased his ownership. Aki is a major owner and board member in Ovaro and has also become known as an owner of Citycon.
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Toivo sold €20 million worth of apartments to Storebrand:
There is no information on the price relative to book values, but this provides a nice amount of capital for new projects.
In addition, a release was issued this morning regarding two sold care properties:
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The average price per apartment for the latest Espoo project is at most 198k. It’s unlikely to be filled with only studios, so it seems it went quite cheap. Also, the vague “under 20 million” price might mean a purchase price of, say, 16 million.
Has anyone followed rental listings, or has it been mentioned in previously started projects etc., what the apartment sizes in those developments have been?
A press release out today. New major project on the way:
The average size of Toivo’s apartments has been ~36 m2. According to the Catella valuation report (31.3.2025) commissioned in connection with the main list transfer, the value of these buildings was EUR 18.18 million, i.e., €5,447/m2. Both buildings are on their own plot. Based on this estimate and considering that the sale did not have a significant impact on earnings (as it was a press release), the purchase price was likely in the range of EUR 16–18 million. Of course, a EUR 2 million impact should already be significant. I will try to have a call with Markus today.
Yep @Karhu_Hylje, releases keep coming, so no Christmas holidays yet 
That Nihti project is certainly an interesting and bold move. I’ll be able to monitor it from close range, as the area is visible from my own window 
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Here are Frans’s comments on Toivo’s new major moves.
Toivo issued three announcements on the company’s super Friday. Toivo signed a preliminary land lease agreement with the City of Helsinki for a 40–50 MEUR project entity for the years 2026–2029 in an excellent location at the tip of Sompasaari. Additionally, the company sold a 101-apartment portfolio in Espoo (estimated 16–18 MEUR) to the Norwegian Storebrand. According to our estimate, the transaction took place somewhat below book values. Furthermore, two new care property transactions, worth a total of approximately 6 MEUR, were realized from the Cofinimmo letter of intent (LOI). In the big picture, these moves are in line with our expectations and part of Toivo’s strategy to actively recycle capital by selling completed properties and investing the released funds into projects with higher return potential. The portfolio sale may result in a loss on sale, but overall, we see the combined impact of these announcements as being fairly in line with our forecasts and views. The company also kept its guidance unchanged.
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Here are Juha’s comments on Toivo starting an approximately 11 million euro construction project in Oulunkylä.
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I updated my estimate of the purchase price based on the press releases from Citycon (EUR 61.5 million) and Storebrand (total EUR 80 million). In my view, a more accurate estimate is that the transaction took place at approximately book values (~EUR 18 million) rather than EUR 16–18 million as I originally estimated. Additionally, the transaction was an off-market deal, which increases the likelihood that the deal would correspond roughly to book values.
Storebrand made a big move today by purchasing 999 apartments in the Helsinki metropolitan area from Ilmarinen. Liquidity is starting to emerge, and as expected, it is coming from international investors.
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Here are Frans’s concise comments on Toivo’s row house contract in Mankkaa.
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Insider selling at Toivo has quieted down since last spring, Harri Tahkola even bought shares at the end of the year, and there has been a steady stream of positive news. Could development now actually be taking a step in the right direction?
Family homes are moving well and Toivo has commendably focused on them lately, as well as on those social infrastructure properties.
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According to the website, it looks like all completed developments have been sold, and those under construction also have good reservation/sales rates.
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There have also been several large bids on the buy side (a couple of times a 30k unit bid at the same time). Even now there are willing buyers, but no sellers. This is just some pondering, but usually there have been plenty of sellers in Toivo.
It doesn’t necessarily mean anything, but the change is clear compared to previous years.
I have also been following the leasing of Asemamestari since it became available for rent at the beginning of January. Slowly but surely, the apartments have been rented out:
These are apparently those Miilukorva apartments that were subject to a dispute regarding their intended use. Still some work to do:
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Here are Frans’s comments as Toivo releases its Q4 results on Wednesday, Feb 25th, i.e., tomorrow
We expect the company’s development and construction volumes to have grown clearly, supported by project completions scheduled for the end of the year. Regarding the results, we estimate the quarter to have been good, and our attention is particularly focused on the final purchase price of the residential portfolio sold to Storebrand. Toivo’s project pipeline is at a good level and the news flow has remained strong, which leads us to expect the company to guide for growing earnings for 2026, even though the market situation remains difficult.
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Toivo’s board apparently met and as a result, blasted out as many as three releases:
The latest one especially seems like positive news, but I also find the two previous ones slightly positive. The revision of financial targets seems to actually be a refinement this time around.
Tomorrow then, the numbers themselves!
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Toivo delivered strong figures, as the market had somewhat indicated. However, the guidance was cautious compared to Frans-Mikael’s expectations. Franco’s comments below:
Dividend €0.03, share buybacks, and net asset value per share grew from €1.0 to €1.04 during the quarter.
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Any idea what kind of interest is being paid on those capital loans? I couldn’t find it very easily anywhere, at least.
Repaying them will certainly lower financing costs and support the bottom line, especially if they have a hefty interest rate.
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