A-Kruunu apartments have a high utilisation rate

In 2022, A-Kruunu finished the construction of 579 apartments in great locations in the Helsinki region, Tampere and Jyväskylä. The total number of apartments finished or under construction is already over 3,000. In the General Meeting, new members were elected to the Board.

“The economic utilisation rate of our apartments remained high at 99.6% and turnover was at a reasonable level at 18.7%. There were plenty of applicants for all new apartments. Demand for the Housing Finance and Development Centre of Finland ARA housing has increased during the coronavirus pandemic and even after it for several reasons, including the rising cost of living,” says Jari Mäkimattila, Managing Director.

In recent years, ARA production has been challenging due to the recovery phase of construction.

“The situation changed last autumn. More tenders were received for the projects, and the contractors also contacted us proactively. We are planning to produce around 1,300 apartments in the next few years. However, the considerable rise of interest rates affects the launch of work at new sites, as it increases housing costs for residents,” says Mäkimattila.

The General Meeting kept the objectives set for A-Kruunu mainly unchanged. The company will be almost carbon neutral in terms of emissions arising from its own operations in 2024 and reduce emissions of the value chain in a goal-oriented manner with energy efficiency, wood construction and the development of circular economy solutions. The share of wooden apartment blocks in production will be one third in 2024. The goal remains at annual production of 800 apartments, but the situation of the business cycle and the feasibility of the sites are taken into consideration in the goal.

“We have already implemented a great number of those goals in 2022. For example, district heating was changed into renewable energy in all locations where it was available. As a result of this measure, CO2 emissions from heating decreased by more than 90%. Our production of wooden apartment blocks is already at least at the target level. As regards the goals of apartment production, the development of interest rates in particular will have an impact on the situation now and in the future,” Mäkimattila explains.

The General Meeting confirmed the members of the Board for the following operating year. Matti Vatilo will continue as Chair of the Board and Teppo Salmikivi as Vice-Chair, and Jannica Aalto and Malviina Peltonen as Board Members. Janne Hukkavaara and Johanna Korpi were elected as new members.

Key figures 2022, situation 31 December 2022

Turnover (1 Jan–31 Dec) 20.3 M€
Balance sheet 559.8 M€
Number of persons 33
Apartments completed 2,609
Apartments under construction 429
Apartments under planning approx. 1,300

Annual Report 2022 (in Finnish)
Corporate Responsibility Report 2022 (in Finnish)


More information:

Managing Director Jari Mäkimattila, jari.makimattila@a-kruunu.fi, tel. +358 (0)40 755 3924

A-Kruunu is a special assignment company of the state, an efficient and responsible producer and owner of affordable rental housing. The company's objective is to build apartments appreciated and valued by their residents, with 800 new constructions started every year. The company’s task is also to promote wood construction, housing innovations, the circular economy and a low-carbon approach.