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Keva to help build 1,000 wooden homes

24 Jun 2019, 18:28 ( 24 days ago) | updated: 25 Jun 2019, 04:03 ( 24 days ago)

DF Report
City of Helsinki photo by Kimmo Brandt.

Suomen Puukerrostalot Oy and Keva, a public sector pension insurance company, have signed a collaboration agreement for the purpose of building 1,000 homes in wooden multi-storey buildings, said Keva in a press release.

The project is to be completed in the next three to five years.

Until now, the focus of Keva’s real estate investments' environmental issues has been on improving energy efficiency as it reduces the carbon footprint of properties, saves energy and makes the living environment more pleasant for everyone.

In addition to energy efficiency in its properties, Keva will also focus on reducing the carbon footprint throughout the life cycle of the buildings.

"The letter of intent that we signed gives Keva the opportunity to add investments with a very low carbon footprint to its portfolio," said Keva’s Head of Real Estate Petri Suutarinen, adding, "Our goal is for around 10% of our housing investments to go to buildings with a wooden framework and, depending on the site, to also run 100% on renewable energy."

In its development operations, Keva emphasises innovative solutions that improve the comfort of living. By building low-carbon homes, Keva aims to reduce the financial risks associated with taxes on the life-cycle carbon footprint of its buildings and the use of fossil fuels, which will materialise by the 2030s at the latest.

"This is a specific measure to combat climate change and a logical step for a pension insurance company, which is a responsible, long-term investor," said Suutarinen.

Keva owns approximately 3,600 rental homes in Finland. On 31 December 2018, the value of Keva’s direct real estate investments was approximately EUR 2.5 billion, of which housing accounted for 26%.