UPM Sells Off Former Workers' Property

UPM has signed an agreement on the sale of the real estate company UPM-Asunnot to the Danish-Finnish real estate investment company Waterhouse Real Estate Investment.

UPM has signed an agreement on the sale of the real estate company UPM-Asunnot to the Danish-Finnish real estate investment company Waterhouse Real Estate Investment.

The transaction is expected to be concluded in the second quarter of this year.

UPM said it will receive a capital gain of around EUR35 million from the sale.

The final figure will be determined based on the accounts to be prepared at the closure of the deal.

The deal is subject to approval by the Housing Fund of Finland.

UPM-Asunnot owns around 2,000 rental apartments throughout Finland and it employs 15 people.

Situated mainly in the same locations where UPM has its production units, the apartments were originally built as company housing.

Today, most of the tenants are not employed by UPM and so the company has decided to sell the apartments.

The deal has no impact on rental relations, added UPM.

The biggest owner of Waterhouse Real Estate Investment is the Danish real estate development company KE Project.

The company was founded in 1993 and it has operations in Denmark, Sweden and South Africa.

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