Sponda's Kapiteeli acquisition closed, new organisational structure and Executive Board as of 1 January 2007
Sponda Plc and the Finnish government have today signed a final agreement, under which Sponda has acquired the entire share capital of Kapiteeli Plc. Based on Kapiteeli’s balance sheet as of 30 September 2006, the purchase price was EUR 943 million. Kapiteeli is expected to be consolidated into Sponda’s accounts from 1 December 2006. Sponda issued a stock exchange release on 20 October 2006, according to which it had signed a binding agreement with the Finnish government to acquire the entire share capital of Finnish real estate investment company Kapiteeli Plc. Closing of the transaction was subject to the approval of the Finnish Competition Authoritiy, which was received on 16 November 2006. Further details of the transaction were given in the stock exchange release published by the company on 20 October 2006. Organisational structure and members of Sponda’s Executive Board as at 1 January 2007 Along with the acquisition, changes were made to both the organisational structure and the Executive Board of Sponda. With effect from 1 January 2007, Sponda will be organised into five business units: Office and Retail Properties, Logistics Properties, Property Development, Russia and the Baltic countries and Real Estate Funds. Also with effect from 1 January 2007, the members of Sponda’s Executive Board will be: Kari Inkinen, President and CEO
Robert Öhman, Chief Financial Officer
Erik Hjelt, Senior Vice President, Legal Affairs
Ossi Hynynen, Senior Vice President, Office and Retail Properties
Pasi Viitaniemi, Senior Vice President, Logistics Properties
Joni Mikkola, Senior Vice President, Property Development
Sirpa Sara-aho, Senior Vice President, Russia and the Baltic countries
Kari Koivu, Senior Vice President, Real Estate Funds.
Veikko Majava, the company’s current Senior Vice President, New Business Areas, will retire under the terms of his employment contract and until that time will continue as a Senior Advisor reporting to the CEO. Petri Roininen, Senior Vice President, Office and Retail Properties, will leave the company.
Sponda Plc
For further details please contact:
Kari Inkinen, President and CEO, tel. +358 9 6805 8202 or +358 400 402 653
Sponda Plc is a real estate company specializing in commercial properties in the Helsinki metropolitan area. 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 2.6 billion euros and the leasable area is around 2 million m². Sponda is the largest real estate investment company listed on the Helsinki Stock Exchange.
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