Finnish retailer Kesko and Valluga-Sijoitus have sold 23 jointly-held store properties to Aberdeen Property Fund Finland.
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The deal raised EUR53m (US$73.4m), of which Kesko will receive EUR44m. The company said it will make a gain of around EUR14m, which will show as a non-recurring item in the group’s third-quarter results.
All the stores are being leased back to Kesko, the group confirmed today (3 October).
“The lease agreements allow for terms of between five and ten years, with the option to extend,” a spokesperson for the company said. “The stores’ retail operations will not be impacted. It is business as usual.”
Kesko declined to comment on what use the funds will be put to.
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