Veturi in Kouvola, Finland. Image: Kesko
Investment

Ankkurikadun Kiinteistöt Oy formed

Kesko Corporation, the Swedish life insurance company AMF Pensionsförsäkring AB, and the Ilmarinen Mutual Pension Insurance Company have agreed to set up a joint venture called Ankkurikadun Kiinteistöt Oy with equal shares.

The joint venture will own, manage, and develop store sites it acquires from, and which are primarily used by, Kesko Group. According to the framework agreement concerning the arrangement signed, Ankkurikadun Kiinteistöt will acquire 34 store sites and two shopping centers in Finland and Sweden from Kesko. It will also acquire one mall from Kruunuvuoren Satama Oy and two store sites from the Kesko Pension Fund in Finland.

The package includes the shopping centers Merituuli in Espoo, Karisma in Lahti, and Veturi (photo) in Kouvola. Retail stores operating at the store sites and malls include 15 K-citymarkets, 17 K-supermarkets, nine K-rauta, stores and one Rautia K-maatalous store. Six of the K-rauta store sites are located in Sweden.

“We are pleased that the real estate arrangement long underway has been concluded with well-known and valued partners. As a result of the arrangement, Kesko’s current financial position will strengthen further and provide a good basis for the development of the company in line with the new strategy,” says President and CEO Mikko Helander.

The combined fair value of the store sites and shopping centers to be acquired is €652 million. The properties owned by Kesko Group companies account for €485 million of the total. If implemented, the arrangement is estimated to generate a non-recurring gain of approximately €76 million.

The establishment will be concluded and the operations of the company will start by the end of June, provided that the required approvals have been obtained from the authorities and the other terms of the implementation of the arrangement have been met.

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