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Sponda Oyj to sell 12 logistics properties and its shares in real estate funds to newly established logistics and industrial property investment company


Wednesday, 30 Apr 2014 01:45am EDT 

Sponda Oyj:Says it has signed a letter of intent for the sale of 12 logistics properties to a new logistics and industrial property investment company, Certeum Oy, for 216.7 million euros.The total debt-free sale price of the properties is equal to their combined fair value calculated in the first quarter of 2014.The transaction is part of a broader arrangement in which Sponda and Varma Mutual Pension Insurance Company, Sponda Fund I (SF I), Sponda Fund II (SF II) and Sponda Fund III (SF III) have agreed on establishing a new company.Says the new company will be specializing in investments in logistics and industrial properties, acquiring 12 logistics properties from Sponda, 22 logistics and industrial properties from Varma, as well as SF I, SF II and SF III, or all property companies owned by the three funds.The total value of the properties to be acquired is about 920 million euros.As part of the broader arrangement, Sponda will become a minority shareholder in the new company with an estimated holding of 38 pct at most.The fair value of the equity invested by Sponda in the funds stood at 74.8 million euros at the end of March.Sponda estimates that the sale price will exceed the fair value by about 2.6 million euros. 

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