Avara manages 8,000 rental apartments in growth centres
Avara Oy is a responsible service company leading rental apartments portfolios and funds. We are responsible for the investment management and operational organisation of about 8,000 rental apartments, and we also develop and create new services for living.
The focus of Avara Oy’s operations is on large growth centres where, because of migration pressures, the need for rental housing is greatest. A fairly new housing stock, central locations and types of apartments have responded well to the demand. We want our customers to have modern, functional, efficient and safe housing – just the kind of housing that Finns want.
Housing in growth centres since 1939
Avara Oy’s operations began on 31 May 2010 as a result of the splitting up of Avara Suomi Oy. In September 2009, Avara Suomi Oy made the decision to transfer housing investment and building management operations into their own companies. At the same time, the decision was made to wind up the construction business. As part of the process, the housing investment business was transferred to Avara Oy, so the company’s operations consisted exclusively of owning and renting housing. In November 2012, Avara Oy further divided, this time operationally and strategically into three companies: Avara Oy, Amplus Holding Oy and Probus Holding Oy. Nowadays, Avara Oy is responsible for management, financial, administrative and development services for the rental housing portfolios and fund.
Avara’s history, however, extends much further back to 1939, when Haka Construction was established at the representative meeting of the Central Association of Consumer Cooperatives at the National Theatre in Helsinki.
Haka was set up, particularly to alleviate the lack of housing in population centres, and its basic mission, to produce housing, has remained the key element of its operations throughout its history. By the early 1970s, Haka was already operating locally in 48 locations.
The company has worked in close cooperation with local governments, which have always played a significant role in its ownership. In the 1980s, the name ‘Haka’ was dropped and the names of local and regional companies were changed to YH-Rakennuttaja.
The operations of the YH-Rakennuttaja Group exclusively focused on housing construction until the 1990s, when the building management business and property investment in rental and right-of-residence housing became more significant.
At the turn of the millennium, construction companies began to form larger regional entities. YH-Suomi was established when YH-Yhtymä, owned by the regional companies, geographically split into two parts in 2005. In March 2008, YH-Suomi Oy was renamed Avara Suomi Oy.
Avara Oy’s owners
Avara’s largest owners are Mutual Pension Insurance Company Elo, Fennia Life Insurance Company, OP Pension Fund, the City of Kerava and OP Life Insurance. The share owned by the five largest shareholders is 90.6%. Avara has a total of 20 shareholders.