Sponda Plc Stock exchange release 10 July 2012, at 1:25 p.m.
Sponda sets up a new real estate fund and sells logistics properties
Property investment company Sponda Plc has set up a new real estate fund, which invests primarily in logistics and industrial properties in Finland’s growth centres. With the agreement signed today, an initial investment portfolio has been acquired for the new Sponda Fund III real estate fund.
The target size of the Sponda Fund III real estate fund is approximately EUR 170 million. The fund’s initial investment portfolio of approximately EUR 90 million consists of properties sold to the fund by its shareholders. Sponda Plc sells logistics properties worth EUR 32.5 million to the fund. The transaction does not have a direct effect on Sponda’s result, and the planned closing time for the deal is the end of July 2012.
Sponda’s holding in the fund is approximately 38%. The other investors in the fund are Varma Mutual Pension Insurance Company and Etera Mutual Pension Insurance Company.
- Our goal is to grow our real estate funds business and create new real estate funds that appeal to institutional investors. Establishing Sponda Fund III is part of the implementation of this growth strategy. The sale of properties to the fund helps us achieve a planned reduction in the share of logistics properties in Sponda’s property portfolio while also financing our investments, says Kari Inkinen, President and CEO of Sponda Plc.
The new fund is aimed at domestic institutional investors. Sponda is responsible for the management of the fund as well as the properties it owns.
Sponda Plc
Further information:
Kari Inkinen, President and CEO, Sponda Plc, tel. +358 400 402 653
Sponda Plc is a property investment company specialising in commercial properties in the largest cities in Finland and in Russia. Sponda's business concept is to own, lease and develop office, retail and logistics properties into environments that promote the business success of its clients. The fair value of Sponda's investment properties is approximately EUR 3,2 billion and the total leasable area is around 1.5 million m².