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Our 2023 Sustainability Report is published

24.04.2024 | Read time 3 min

Our sustainability work progressed as planned, even amidst the challenging market conditions of 2023. We have systematically made progress towards our carbon neutrality target in a financially sustainable manner. Furthermore, we continued our growth story, completing and launching new property development projects across the capital region. The success of our endeavors and the good work of our staff were reflected in our excellent investor NPS score (67) and a significant increase in customer satisfaction (NPS 39). In 2023, we were recognized as one of Finland's Best WorkplacesTMsustainability report web

Our CO2 emissions have halved

Emissions from our real estate portfolio have halved since 2016. The reason for the halving of emissions is the use of Leanheat technology as well as planned measures and investments in property development. The most significant decrease in emissions was achieved last year, with a 47.84% reduction in CO2 emissions compared to 2022. In 2023, the most substantial investments in property development were to switch the energy source of properties that used natural gas or oil to geothermal heat.

Responsible real estate investment

We are one of the largest real estate investment companies in Finland. Last year, our managed real estate assets amounted to EUR 1.2 billion, with our investments totaling to EUR 38 million. During 2023, we had 427 apartments under construction or completed. In January 2023, our first new development of the year was completed in Finnoo, Espoo, with a geothermal district heating network designed to reduce emissions and energy costs. This medium-deep heat well and the local energy solution built around it is the first of its kind in Finland.

In our report, you can read an interview with Harri Retkin, Chief Investment and Finance Officer, and Teemu Putkinen, Portfolio Manager.

Avara is one of Finland's Best WorkplacesTM

Employee well-being is important to us. 90% of Avara employees consider Avara to be a very good place to work. Moreover, our employee satisfaction eNPS score for 2023 reached an impressive 85. The success of our employees and our development efforts is also reflected in our customer satisfaction survey scores, which rose sharply in 2023. The letting NPS was an astonishing 74.

In our report, members of the rental team share insights into the factors and development initiatives that contributed to these high NPS scores.

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