Sponda Plc will sell two land sites with an aggregate area of 58 hectares in the Hakuninmaa and Honkasuo districts of Helsinki to Solidium Oy, a company owned by the Finnish government, for EUR 30 million. The sale is related to an agreement made by the Finnish government and Sponda Plc concerning Sponda's acquisition of Kapiteeli Plc that gives the Finnish government the right to repurchase certain land sites intended for residential development (Stock Exchange Release issued by Sponda on 31 January 2007).
The disposal has no impact on Sponda's result. Selling these sites is part of Sponda's strategy to sell certain property assets for EUR 300-500 million in order to refinance the loan raised to finance the Kapiteeli acquisition.
Sponda Plc
Further information:
Kari Inkinen, President and CEO, GSM: +358 (0)400-402 653
Erik Hjelt, SVP, Legal Affairs and Treasury, GSM: +358 (0)400-472 313
Sponda Plc is a real estate company specializing in commercial properties mainly in the Helsinki metropolitan area. Sponda's business concept is to own, lease and develop office, retail and logistics properties into environments that promote the business success of its clients. The fair value of Sponda's investment properties is approximately EUR 2.6 billion euros and the leasable area is around 2 million m². Sponda is the largest real estate investment company listed on the Helsinki Stock Exchange.