SATO obtains €80 million loan from European Investment Bank for improving energy efficiency of rental homes
SATO Corporation, Stock exchange release, 24 November, 2021 at 3.00 pm
SATO Corporation and the European Investment Bank (EIB) have agreed on a long-term loan of €80 million. The loan is without asset-based security and guaranteed by a subsidiary. The funding received from the EIB will support renovations that will improve the energy efficiency of SATO’s current rental housing stock in the Helsinki Metropolitan Area as well as in Turku and Tampere over the next few years.
The renovation projects aim to improve the energy efficiency of properties that have reached the age for major renovations by at least 30%.
In its Sustainability Programme, SATO is committed to curbing climate change and reducing greenhouse gas emissions, and the company is aiming to be carbon neutral by 2030 as regards carbon dioxide emissions from property energy usage. Renovation projects also support EU climate targets.
“In line with our strategy, we offer our residents sustainable housing. We seek energy efficiency improvements in many different ways in our properties and always explore the best solutions specifically for each property,” says SATO President and CEO Antti Aarnio.
“Our renovations involve energy efficiency improvements through measures such as switching the property heat source from district heat to geothermal heat as well as introducing heat recovery ventilation and LED lighting. Energy efficiency can also be increased by changes such as adjusting and balancing the heat distribution system, replacing or repairing the windows, and adding roof and wall insulation,” Aarnio continues.
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SATO is one of Finland's leading rental housing providers. SATO aims to offer a comprehensive choice of rental housing and an excellent customer experience. At year-end 2020, SATO owned close to 26,800 apartments in Finland's largest growth centres and in St. Petersburg.
We promote sustainable development and initiative through our operations and work in open interaction with our stakeholders to generate added value. We operate profitably and with a long-term view. We increase the value of our housing stock through investments,divestments and repairs.
SATO Group's net sales in 2020 were EUR 303.4 million, operating profit EUR 179.6 million and profit before taxes EUR 129.5 million. The value of SATO's investment properties is roughly EUR 4.8 billion.
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