KESKO CORPORATION STOCK EXCHANGE RELEASE 01.07.2010 AT 13.45 1(1)
Kesko, the Kesko Pension Fund and Ilmarinen Mutual Pension Insurance Company have established a joint venture, Kruunuvuoren Satama Oy. The main purpose of the company's operations is to own, manage and develop acquired retail store premises used by the Kesko Group and its other assets.
According to the partnership agreement signed today, Kruunuvuoren Satama Oy acquires from Kesko eight retail store premises and from the Kesko Pension Fund seven retail store premises used by the Kesko Group. The debt-free selling price of the premises acquired is 180 million. Kesko Group companies lease the retail store premises sold to the company back for their use on long-term 15-year leases with extension options.
Kesko Corporation makes an equity investment of approximately 33 million in the joint venture.
In Kruunuvuoren Satama Oy, the ownership interest and voting rights of Kesko Corporation are 49%, those of Ilmarinen 33% and those of the Kesko Pension Fund 18%. The company will be included in the Kesko Group's financial reporting as an associate company starting from 1 July 2010.
The intent to establish a joint venture was announced in the stock exchange release published on 30 December 2009.
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
Senior Vice President, Corporate Communications and Responsibility
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