Toivo Group Oyj has signed sale agreements with Belgian real estate investor Cofinimmo SA for two care facility development projects in Finland. One of the projects is a senior care home in Rovaniemi, expected to be completed in the fourth quarter of 2026. The other is a residential care facility for patients with physical or mental impairment in Järvenpää, scheduled for completion by the end of 2025.
Both properties will be leased to Esperi Care Oy on 15-year agreements. The total value of the transactions is approximately EUR 11 million, based on an estimated yield of 7%. Cofinimmo will be responsible for construction-phase financing.
This transaction is carried out in collaboration with Mirabel Partners, Cofinimmo’s Nordic investment partner. Mirabel Partners is an investment management firm with a Helsinki-based team and a decade of experience in sourcing, developing, and managing over one hundred social and healthcare properties across the Nordics.
Toivo and Cofinimmo have also signed a letter of intent regarding future cooperation in the development of similar care properties. Each project under this framework will be subject to separate negotiations and will carry the typical risks associated with real estate transactions. If all projects under the letter of intent are realized, their combined value is expected to total approximately EUR 20–40 million, with a planned execution period between 2025 and 2027.
The Rovaniemi facility, currently under construction, is located in the capital of Finnish Lapland, with a local population of around 64,000. It is designed for elderly residents in need of enhanced service housing and will have a gross floor area of approximately 2,600 square meters, featuring 63 rooms across two floors.
The Järvenpää facility, also under construction, is located in a city of approximately 47,000 residents in Southern Finland, part of the Greater Helsinki metropolitan area with a population of 1.6 million. This property will serve 30 patients with physical or mental impairment and offer around 1,100 square meters of space.