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Provider: Thomson Reuters StreetEvents
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Provider: Thomson Reuters StreetEvents
$75.00

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Technopolis Oyj Negotiates with Ilmarinen on Minority Interest in Oslo Campus and Ilmarinen's Potential Investment in Joint Venture


Thursday, 31 Oct 2013 05:55am EDT 

Technopolis Oyj announced that as previously communicated on October 11, 2013 the Company had signed an agreement to acquire a 70% interest in a campus located in Fornebu in the Greater Oslo Region, Norway. Following the conclusion of the deal, the seller of the campus, IT Fornebu Properties AS (ITFP), will retain a minority interest of 30%. Technopolis has commenced negotiations on the possible sale of a maximum 19% interest in the Technopolis share of the campus to Ilmarinen Mutual Pension Insurance Company (Ilmarinen). Should Ilmarinen invest in the joint venture, Technopolis would hold at least 51% of the joint venture, with the remaining shares held by the minority shareholders, ITFP and Ilmarinen. The JV would be capitalized by 35% in equity and 65% in debt with a syndicated loan from SEB, Nordea and Swedbank. The loan principal is NOK 1,170 million (EUR 143 million) The total equity contribution of approximately EUR 77 million in the joint venture will be allocated in proportion to the shareholders’ holdings. If Ilmarinen participates in the JV it would decrease Technopolis’ equity contribution. Without Ilmarinen Technopolis’ equity contribution will be approximately EUR 54 million. The participation of Ilmarinen in the joint venture is subject to a number of factors, such as the parties reaching an agreement on the terms and conditions of the arrangement, and Board approval from both Technopolis and Ilmarinen. 

Company Quote

4.0
0.07 +1.78%
21 Nov 2014