May 2026
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Largest Real Estate Development Public Companies in Finland
Benchmark revenue and EBITDA valuation multiples for public comps like
Lumo, Kojamo, Citycon, Asuntosalkku and Toivo.
 | Kojamo Oyj is a real estate company. It offers sustainable rental apartments and housing services in Finnish growth centers through its brand Lumo. The company invests in developing and incorporating various digital services in its offering, such as the Lumo website, allowing customers to see all available apartments and rent an apartment online; My Lumo, a service for residents in Lumo apartments to contact the property manager and maintenance, pay rent, book services; and others. | $9 | -- | $2B | $6B | 11.2x | 19.0x | ||
| Kojamo Oyj is a real estate company. It offers sustainable rental apartments and housing services in Finnish growth centers through its brand Lumo. The company invests in developing and incorporating various digital services in its offering, such as the Lumo website, allowing customers to see all available apartments and rent an apartment online; My Lumo, a service for residents in Lumo apartments to contact the property manager and maintenance, pay rent, book services; and others. | $9 | -25% | $2B | $2B | - | - | ||
| Citycon Oyj owns, develops, and manages shopping centers and other retail properties in Finland, Norway, Sweden, Estonia, and Denmark. The company owns 33 centers and 1 other retail property. Among those centers, 9 are located in Finland, 2 in Estonia, 14 in Norway, 6 in Sweden and 2 in Denmark. Citycon’s business operations units: 1) Finland, Estonia and Denmark 2)Sweden 3)Norway. The business units are further subdivided into clusters. The Finnish, Estonian and Danish unit is composed of two clusters, the Swedish unit of one cluster and the Norwegian unit of two. | $3 | -21% | $627M | $3B | 8.0x | 11.6x | ||
| Asuntosalkku PLC is a housing investment company. The portfolio includes approximately 2,000 selected small individual apartments located in well-located residential buildings, mainly in the Helsinki metropolitan area in Finland and in Tallinn, Estonia. | $88 | -6% | $86M | $249M | 11.0x | 34.9x | ||
| Toivo Group Oyj is engaged in real estate development and ownership. Its business is divided into real estate development and real estate ownership. Real estate development includes project development, design, and construction. Property ownership includes ownership and rental as well as additional services. Its investment portfolio comprises housing, plots of land, and commercial properties. The geographic area of the company is Finland and Sweden, and the majority of the revenue comes from Finland. | $1 | -2% | $67M | $145M | 2.0x | 15.0x | ||
| Ovaro Kiinteistosijoitus Oyj is a real estate investment company. It invests in Finnish rental apartments and other real estate sites. Its portfolio consists of apartments, business facilities, and parking lots. | $3 | +5% | $28M | $36M | 7.2x | 4.3x | ||
| Investors House Oyj operates in the real estate sector. The company is a real estate investment company engaged in direct investment activities and management of real estate. | $4 | -31% | $27M | $40M | 4.1x | 6.3x | ||
| Median | $4 | -14% | $86M | $249M | 7.6x | 13.3x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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