KESKO CORPORATION STOCK EXCHANGE RELEASE 11.06.2015 AT 18.30
Joint real estate investment company of Kesko, AMF Pensionsförsäkring and Ilmarinen has been established
Kesko Corporation, AMF Pensionsförsäkring AB and Ilmarinen Mutual Pension Insurance Company have today set up a joint venture named Ankkurikadun Kiinteistöt Oy. The joint venture owns, manages and develops store sites primarily used by Kesko Group.
On 8 May 2015, Kesko announced in a stock exchange release that it would set up a real estate investment company with AMF Pensionsförsäkring and Ilmarinen. The real estate arrangement has now been completed. Kesko's approximately €76 million gain on the disposal of its store sites and shopping centres will be treated as a non-recurring item in Kesko's interim report for the second quarter.
The arrangement will reduce Kesko Group's operating profit excluding non-recurring items for 2015 by approximately €8 million. The arrangement will have an impact of approximately €-0.03 on Kesko's earnings per share excluding non-recurring items for 2015. The arrangement will not have an impact on the future outlook published by Kesko in its interim report on 27 April 2015.
Kesko's equity investment in the joint venture was approximately €67 million, and the cash inflow to it from the arrangement approximately €405 million. The joint venture will be included in Kesko Group's financial reporting as an associate as of 11 June 2015.
Further information is available from:
Jukka Erlund, CFO, tel. +358 105 322 113
Arja Talma, Senior Vice President, tel. +358 105 322 205
Jarkko Karjalainen, Investment Director, tel. +358 105 322 694
Vice President, Group Communications
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