Toivo’s business, which was established in 2015, started in its current form in 2018. During the year, Toivo carried out its first real estate transactions, including investing in an office property in Oulu and acquiring a land portfolio from Skanska. In addition, the company started actively offering rented plots. Toivo started building its first rental properties at the end of 2018. In its first actual year of operation the company developed 265 new apartments.
At the beginning of 2019, Toivo’s business was expanded. The company's initial goal was to develop, build and rent housing, commercial premises and plots, but early on Toivo made a strategic decision to focus on housing and the land underneath them. During 2019, Toivo made contracts for a total of 21 projects, totalling approximately EUR 100 million. In 2019, the company developed 65 new apartments. In addition, the company acquired a majority of the shares in Valokodit Oy, which had 176 rental apartments in its portfolio, and completed a considerable office premise divestment during the year.
In 2020, Toivo continued to develop its business model further and made a strategic decision to focus on housing and ARA funded housing mainly in the Helsinki, Turku and Tampere regions. The company also decided that all projects will be developed, designed and built mainly with the company's internal model and process. During 2020, Toivo entered into contracts for a total of 16 projects with a value of some EUR 200 million. This increased the size of the company's average project to approximately EUR 12.5 million. In 2020, Toivo developed 65 new apartments and sold 203 apartments in total. During 2020, the company strengthened its ability to increase its own project management work and decided to start piloting the business in Sweden in the Stockholm region.
Toivo was listed in June 2021 on the Nasdaq Helsinki First North Growth Market marketplace. At the same time, the company arranged a share issue, receiving some EUR 15.1 million of gross assets.
During 2021, Toivo signed contracts for the construction of 985 apartments and at the end of 2021, Toivo had 753 dwellings under construction.
At the end of 2021, Toivo’s project portfolio comprised some 2,000 apartments and 80,000 lettable square meters, which Toivo is currently building or starting to build in coming years.