Toivo

What Toivo does

Toivo Group Oyj is a Finnish vertically integrated residential real estate company that develops, constructs, owns, and rents apartment buildings in the country's main growth centers, including the Helsinki metropolitan area, Turku, Tampere, Hämeenlinna, Järvenpää, and Nokia. Founded in 2015 and headquartered in Espoo, Toivo has been listed on the Helsinki Stock Exchange First North market since June 2021 (ticker: hel:TOIVO). The company runs the entire real estate value chain in-house — land acquisition, planning, construction, ownership, leasing, and ongoing management — and complements its core rental portfolio with build-to-sell projects delivered to institutional investors such as Premico Asuntorahasto III, government co-financed affordable housing via ARA, and a separate for-sale housing brand called Toivo Homes.

Toivo's product portfolio centers on newly built Vuokrakodit (rental apartments) managed by dedicated on-site Asuntomestari (Property Master) staff, augmented by Toivo Studios — a furnished micro-apartment concept (approximately 20 m² units with all-inclusive rent and shared amenities) targeting corporate clients, students, and relocators. Its technology stack is built on A-energy-class buildings with geothermal heating, iLOQ S50 NFC-based keyless entry managed in partnership with Certego, and a remote property management platform (Etähallinta) that handles digital nameplates, info screens, and water/electricity consumption monitoring. These choices underpin an average maintenance charge of approximately €2.1/m²/month, less than half the Finnish national average of €4.5/m²/month.

Toivo operates a direct-to-consumer rental model: tenants apply through toivo.fi or the third-party Kodia platform, and unit listings are also distributed via Oikotie and Vuokraovi. Studio units start at approximately €504–660/month, one-bedrooms at €700–900, two-bedrooms at €900–1,100, and three-bedrooms-plus at €1,100–1,350+, with ARA-subsidized Toivo Studios priced at approximately €750 + €50 service fee. The company reports over 99% rental occupancy, a stated investment-property fair value target of €500M by 2026, and operates under a hybrid segmentation approach spanning long-term individual renters, corporate clients, and government-subsidized ARA tenants.

Name

Toivo

Legal name

Toivo Group Oyj

Website

https://toivo.fi

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Toivo Group Oyj is a Finnish vertically integrated residential real estate company that develops, builds, owns, and rents new apartments in Finnish growth centers, serving individual renters, corporate clients, and ARA-subsidized tenants through a direct-to-consumer platform.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

Rental and Leasing Services (532), Other Services to Buildings and Dwellings (56179), Other Services to Buildings and Dwellings (561790)

SIC

Real Estate Operators (No Developers) & Lessors (6510), Land Subdividers & Developers (No Cemeteries) (6552), Services-To Dwellings & Other Buildings (7340)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

akta.pro secondary industries

State/Provincial Housing, Urban/Regional Planning & Community Development (BPAIABAM), Housing & Neighborhood Services (Local Housing Programs) (BPAIACAJ)

Keywords

• Residential property development
• Rental housing management
• Apartment rental services
• Property construction
• Finnish real estate

Headquarters

HQ city

Uusimaa

HQ country

Finland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Residential Property Rental: Toivo generates primary revenue from renting out residential apartments in their own property portfolio. Properties are located in Finnish growth centers (Helsinki metropolitan area, Turku, Tampere). The company achieves high occupancy rates of approximately 99%.
2. Property Development and Construction: Toivo develops, constructs, and manages residential real estate projects from land acquisition through planning, construction, and long-term ownership. The company handles the entire real estate lifecycle from raw land development to rental management.
3. Property Sales to Investment Partners: Toivo constructs apartment buildings and sells completed properties to investment funds. For example, the Puistola project will be sold to Premico's fund upon completion.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Toivo develops, constructs, owns, and manages residential rental apartments in Finnish growth centers — primarily the Helsinki metropolitan area, Turku, Tampere, Oulu, and Jyväskylä. The offering spans furnished micro-apartments (Toivo Studios), standard rental homes, for-sale apartments (Toivo Homes), and ancillary community and infrastructure spaces, complemented by a dedicated Asuntomestari (Property Master) service for each property and below-average maintenance charges.

Product overview

Toivo is a Finnish real estate company founded in 2015 and listed on Nasdaq First North, operating across the entire real estate value chain from land development and construction to property ownership, management, and rental. Its core product portfolio consists of Vuokrakodit (rental apartments) and Toivo Homes (apartments for sale) located in Finnish growth centers. The company also operates specialized sub-brands including Toivo Studios (furnished micro-living studios with amenities) and offers community property and infrastructure development services. Toivo manages properties internally using dedicated Property Masters, and provides landowner partnership services through its Hankekehitys (project development) team. The company holds approximately 1,400 apartments in its development pipeline and over 600 under construction, with a stated target to grow investment property value to EUR 500 million by 2026.

Differentiator

Problem solved

Functional benefit

Brands

• Toivo Studios: A furnished micro-apartment concept featuring 20m2 studios with all-inclusive rent (water, electricity, internet, furniture) and shared amenities including co-working spaces, sauna, gym, and library. Located in Espoo Leppävaara (101 units) and Vantaa Asola (38 units).
• Toivohomes

Products and services

• Vuokrakodit (Rental Homes)

Quantifiable outcome

• Achieves 99%+ rental occupancy rate compared to industry average of 90-99%
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• ARA (Asumisen rahoitus- ja kehittämiskeskus)coreOthersThe Housing Finance and Development Centre of Finland co-finances Toivo's affordable housing projects. Projects like As Oy Nokian Fabriikki were implemented in cooperation with ARA, following their criteria for resident selection and receiving government subsidies.
• Iitti MunicipalityminorStrategic or Co-development PartnerToivo is working with Iitti Municipality to develop concepts for underutilized industrial and residential plots. Toivo's experts provide analysis on economically viable building types, solar energy opportunities, and energy self-sufficiency to make the plots more attractive for developers.
• CertegocoreTechnology or IntegrationCertego manages Toivo's key systems, specifically administering the iLOQ S50 smart lock infrastructure across all properties. All additions and changes to access rights are handled through Toivo's customer service.
• iLOQcoreTechnology or IntegrationiLOQ provides S50 series NFC-based smart locks for all Toivo properties. The locks use smartphoneNFC technology to eliminate traditional keys, with the lock drawing power from the phone.

Scale indicators14 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• SRV Yhtiöt:
• Heimstaden: Heimstaden is a major European residential property owner operating across the Nordics and beyond, including Finland. Comparable as a large-scale institutional multifamily landlord, but with broader geographic and operational scope than Toivo.
• YIT: YIT is one of Finland's largest construction and housing developers, building both owner-occupied and rental housing across Finland and the Nordics. Comparable to Toivo on residential development, construction, and Finnish growth-center focus, though much larger and broader in scope.

Direct peers

• Kojamo: Kojamo is the largest publicly listed residential rental company in Finland (owner of the Lumo brand), operating ~40,000 apartments across Finnish growth centers. Directly comparable to Toivo on rental model, geographic focus, scale, and listed-equity capital structure, though significantly larger.
• SATO: SATO is one of Finland's largest private residential rental owners, with ~25,000 apartments concentrated in the Helsinki metropolitan area and other growth centers. Comparable to Toivo on multifamily rental model, Finnish geography, and tenant positioning.
• Orava Residential REIT: Orava Residential REIT is a Finnish publicly listed REIT focused on residential rental properties in growth centers. Closely comparable business model to Toivo's rental-hold strategy, though managed externally and structured as a REIT.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/toivogroup/?locale=fi_FI
• Instagraminstagram.com/toivogroup
• LinkedInlinkedin.com/company/toivo-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Toivo