Tuesday, July 04, 2006

UPM-Kymmene Enters EUR 77 Million Sale Leaseback of Group HQ in Helsinki

UPM-Kymmene Web Site - July 3, 2006

UPM has sold the share capital of its Group Head Office real estate at Eteläesplanadi 2 in Helsinki to the German Allianz Lebensversicherungs-AG for approx. EUR 77 million. UPM will book a capital gain of around EUR 37 million from the sale.

UPM’s Group Head Office will continue to occupy the Eteläesplanadi 2 premises under a long-term lease. Around 300 corporate and divisional staff work at the Eteläesplanadi 2 premises.

Allianz Lebensversicherungs-AG and the company managing its real estate property, Allianz Immobilien GmbH, are part of the Allianz Group. Allianz Immobilien GmbH manages a real estate portfolio with a market value totalling approx. EUR 15.3 billion and an annual rental yield of EUR 1 billion. Sphere: Related Content

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