Finnish grocery retailer Kesko has said it has sold its central food warehouse property at Hakkila, Vantaa, the main office building of Kaukomarkkinat at Kilo, Espoo, and 16 food store properties in different parts of Finland to Nordisk Renting Oy.
The total selling price was €95.7m (US$124.5m) and Kesko’s sales profit was €44.7m. The premises were leased back on long lease terms.
At the end of 2004, Kesko owned a total of 1.2 million square metres of real estate properties in Finland, the Baltic countries and Sweden. Leased premises totalled 1.8 million square metres. The total area of the premises included in this latest deal was 108,000 square metres, of which the central food warehouse accounted for approximately 60,000 square metres.