?47 million gain on the sale of properties to Kesko
(Thomson Reuters ONE) -
KESKO CORPORATION STOCK EXCHANGE RELEASE 01.07.2010 AT 14.00 1(1)
Kesko has today made an agreement on the sale of ten properties with Ilmarinen
Mutual Pension Insurance Company and Kruunuvuoren Satama Oy, a joint venture
established by Ilmarinen, the Kesko Pension Fund and Kesko Corporation. The
debt-free selling price of the properties totalled ?107.5 million and Kesko will
recognise the total gain of ?47.4 million on their sale. In the same connection,
the Kesko Pension Fund sold seven retail store properties owned by it to
Kruunuvuoren Satama Oy.
According to the agreements made today, Kesko sold eight retail store properties
used by the Kesko Group to Kruunuvuoren Satama Oy. In addition, Kesko sold two
other properties to Ilmarinen today. The ?47.4 million gain on the sale of the
properties will be treated as a non-recurring item in Kesko's operating profit
for the third quarter of the year, with the exception of a non-recurring ?2.3
million gain on the sale, which will be recognised for the fourth quarter.
Kesko Group companies leased the properties sold by Kesko to the joint venture
and Ilmarinen for the Kesko Group companies' use mainly on 15-year leases with
extension options. Kesko Group's lease liabilities for the real estate covered
by these leases amount to some ?63 million. At the same time, Kesko Group
companies also leased from Kruunuvuoren Satama Oy the retail store properties it
had bought from the Kesko Pension Fund under similar terms. The total lease
liabilities of the Kesko Group on properties used by it increase by some ?120
million. Lease liabilities are not classified as finance leases.
A separate stock exchange release has been published today on the establishment
of the joint venture, Kruunuvuoren Satama Oy.
Further information:
Arja Talma, Senior Vice President, CFO, Kesko Corporation, tel. +358 1053 22113
Riitta Laitasalo, Senior Vice President, Human Resources, Kesko Corporation,
tel. +358 1053 22060
Kesko Corporation
Paavo Moilanen
Senior Vice President, Corporate Communications and Responsibility
DISTRIBUTION
NASDAQ OMX Helsinki
Main news media
www.kesko.fi
[HUG#1428987]
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Source: Kesko Oyj via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 01.07.2010 - 13:01 Uhr
Sprache: Deutsch
News-ID 23342
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contact information:
Town:
Kesko
Kategorie:
Business News
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"?47 million gain on the sale of properties to Kesko"
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