Kesko Web Site - May 30, 2008
Kesko Corporation and the Kesko Pension Fund have sold the office and logistics property located at Tikkurilantie 10, Hakkila, Vantaa, to Aberdeen Real Estate Fund Finland in a transaction closed today. The price paid by the fund to Kesko and the Kesko Pension Fund totals about €31 million, of which Kesko´s share is about €10 million. The Kesko Group recognises a gain of about €4 million on the disposal, which will be reported as a non-recurring item in Rautakesko´s profit for the second quarter.
Rautakesko will continue as the principal user of the premises under a long-term lease. Approximately half of the premises have been leased to logistics companies outside Kesko. Premises not used by Kesko are not included in the leaseback system and the buyer will be responsible for them in the future. The total lease area of the property is about 26,000 m².
'The aim of the property disposal is to enhance the use of the Kesko Group capital. The proceeds will be used to strengthen the store network in Finland and abroad,' says Kesko´s Arja Talma, Senior Vice President, CFO.
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