Annual report 2013
VVO invested around EUR 220 million in renovation and new construction of rental apartments. Strong growth was reflected by the fact that we had 1,020 rental apartments under construction at the end of 2013.
VVO-group plc is a leading company in Finland specialising in investing in and renting real estate. VVO has more than 40,000 rental apartments in 43 communities. Most of them, some 62 per cent, have market-based rents. For the remaining apartments, rents are set in accordance with the cost principle. The fair value of VVO's housing asset is over EUR 3.4 billion.
According to our annual customer satisfaction survey, 92 per cent of customers recommend or would be willing to recommend VVO as a landlord. The average period of tenancy is 5.9 (5.8) years. Our long-term customer relationships are based on planned and systematic maintenance of houses, active residents' associations, good customer experience that gives guidance to our operations, and ease of doing business with us. VVO's mission is to be the most desirable and most efficient landlord in Finland.
Fair value EUR