Saturday, August 22, 2009

Finnair Completes EUR 77 Million Sale Leaseback of Four Properties Near Helsinki-Vantaa Airport

PropertyEU - August 20, 2009

Property broker Newsec has advised Finnair Group's facilities division in the sale-and-leaseback of four properties in the vicinity of Helsinki-Vantaa Airport for EUR 77 mln.

The assets were sold to NV Property Fund I Ky.

The properties comprise Aircraft Hangar 7, the Ground Handling Fleet Centre, the Ground Equipment Maintenance Unit and the Training Centre. The properties will be leased by Finnair Facilities Management Oy and the users of the facilities are various business units of Finnair. The leased area totals around 60,000 m2.

The transaction was part of a financing programme announced earlier by Finnair. 'We see NV Property Fund I Ky as a reliable and desired long-term partner. We are very pleased with the cooperation within all parties in the arrangement,' said Mika Stirkkinen, Group treasurer of Finnair.

Newsec said the acquisition was also a significant step for the fund of NV Kiinteistösijoitus, as the volume of its investments increase to over EUR 300 mln. 'We are privileged to have such a remarkable actor, as Finnair is, as a tenant. The properties with long net lease agreements represent the general focus of our fund,' said Kari Louhenkilpi, the managing director of NV Kiinteistösijoitus

The fund is owned by Nordea Life Assurance Finland Ltd (45%), Varma Mutual Pension Insurance Co (45%) and the State Pension Fund (10%). Sphere: Related Content

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