SATO Corporation Secures 80 Million Euro Loan from European Investment Bank to Improve Energy Efficiency of Rental Housing Stock

Strategic Insights -

SATO Corporation, a leading rental housing provider in Finland, has partnered with the European Investment Bank (EIB) to secure a long-term loan of 80 million euros to support the renovation of its rental housing stock in the Helsinki Metropolitan Area, Turku, and Tampere. The loan is guaranteed by a subsidiary and will be used to improve the energy efficiency of SATO's current rental housing stock, aiming to achieve a minimum of 30% energy efficiency improvement in renovated properties. This initiative is part of SATO's Sustainability Programme, which aims to reduce greenhouse gas emissions and achieve carbon neutrality by 2030.

Key Takeaways:

  • SATO Corporation has received an 80 million euro loan from the European Investment Bank (EIB) to support the renovation of its rental housing stock in Finland.
  • The loan will be used to improve the energy efficiency of SATO's current rental housing stock, aiming to achieve a minimum of 30% energy efficiency improvement in renovated properties.
  • The renovation projects will focus on measures such as switching to geothermal heat, introducing heat recovery ventilation, and upgrading LED lighting.
  • SATO's Sustainability Programme aims to curbs climate change and reduce greenhouse gas emissions, with a goal of achieving carbon neutrality by 2030.
  • The company is committed to promoting sustainable development and initiatives through its operations, working in open interaction with its stakeholders to generate added value.
  • SATO'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.

Statistics:

  • SATO Corporation's rental housing stock in Finland amounts to close to 26,800 apartments.
  • The loan securing 80 million euros is guaranteed by a subsidiary and is a long-term loan.
  • The renovation projects aim to achieve a minimum of 30% energy efficiency improvement in renovated properties.
  • SATO's Sustainability Programme aims to reduce greenhouse gas emissions and achieve carbon neutrality by 2030.
  • SATO'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.

Sources:

  • SATO Corporation, Stock exchange release, 24 November 2021
  • European Investment Bank (EIB)
  • Global Data Point