Kesko sold its properties in Estonia and Latvia
(Thomson Reuters ONE) -
KESKO PRESS RELEASE 24.05.2017 AT 9.00 1(2)
Kesko sold its properties in Estonia and Latvia
Kesko has sold seven store sites used by Kesko Senukai in Estonia and Latvia to
the property investment company UAB Baltic Retail Properties. At the same time,
Kesko has acquired a 10% shareholding in the property investment company.
UAB Baltic Retail Properties' main shareholder is CPA:17 - Global, a property
investment fund managed by the US based W. P. Carey Inc., with a 70% ownership
interest. The three owners of the property investment company remain in the
company as minor shareholders with a total shareholding of 20%.
UAB Baltic Retail Properties has already earlier been an important lessor to
Kesko Senukai in Lithuania. In connection with the arrangement, Kesko Senukai
has once again leased store sites, which the investment company had already
previously owned, as well as new store sites, which have now been transferred to
the investment company for its use on 15-year leases with extension options.
The entire deal is valued at approximately ?174 million. The selling price of
the properties owned by Kesko was ?64 million, generating a profit of ?50
million on the divestment. Kesko Group's net cash inflow from the arrangement
before tax is approximately ?58 million. Kesko Group leases a total of 19 store
sites from the property investment company and as a result of the arrangement,
lease liabilities increased by approximately ?124 million. The arrangement will
not have any significant impact on profit.
Kesko Senukai is the Kesko Group company responsible for building and home
improvement trade operations in the Baltics and Belarus. Kesko Senukai is the
clear market leader in the in the region with 54 stores. In 2016, Kesko
Senukai's sales were close to ?600 million.
Further information:
Jukka Erlund, Executive Vice President, Chief Financial Officer,
jukka.erlund(at)kesko.fi, tel. +358 105 322 113
Riikka Toivonen, Head of Financial Communications, riikka.toivonen(at)kesko.fi,
tel. +358 105 323 495
Kesko Corporation
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Main news media
www.kesko.fi
Kesko and K-retailers form K Group, whose sales total over ?13 billion. K Group
is the third largest retail operator in Northern Europe and it employs
approximately 45,000 people. Kesko operates in the grocery trade, the building
and technical trade and the car trade. Its divisions and chains act in close
cooperation with retailer entrepreneurs and other partners. Kesko's net sales
are ?10 billion and it employs approximately 30,000 people. Kesko has over
2,000 stores engaged in chain operations in Finland, Sweden, Norway, Estonia,
Latvia, Lithuania, Russia, Belarus and Poland. Kesko is a listed company and its
shares are listed on Nasdaq Helsinki. The company's domicile and main business
premises are in Helsinki. Kesko is the world's most responsible trading sector
company (The Global 100 Most Sustainable Corporations in the World).
www.kesko.fi
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kesko Oyj via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 24.05.2017 - 08:00 Uhr
Sprache: Deutsch
News-ID 544268
Anzahl Zeichen: 3802
contact information:
Town:
Kesko
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 142 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Kesko sold its properties in Estonia and Latvia"
steht unter der journalistisch-redaktionellen Verantwortung von
Kesko Oyj (Nachricht senden)
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