Sponda has completed the acquisition of the properties in the Forum block and the company is revising its prospects for 2016
Sponda Plc
Stock Exchange Release
29 February 2016 at 10:55 a.m.
Sponda has completed the acquisition of the properties in the Forum block and the company is revising its prospects for 2016
Sponda Plc has today completed the transaction to acquire the shares in Ab Mercator Oy, which owns six properties in central Helsinki, as well as the shares in Ab Forum Capita Oy, which manages the properties in question, from Forum Fastighets Kb and Föreningen Konstsamfundet r.f. The total debt-free price of the entities being acquired is approximately EUR 576 million, to be paid in cash. The details of the transaction were announced on 4 February 2016 and 19 February 2016.
Following the completion of the transaction, Sponda is revising its prospects for 2016.
Net operating income
Sponda estimates that the net operating income for 2016 will amount to EUR 175-190 million (previously EUR 152-168 million). The estimate is based on the company’s view of property purchases and sales to be completed and the development of rental operations during the year.
Adjusted EPRA Earnings
Sponda estimates that company adjusted EPRA Earnings in 2016 will amount to EUR 94-110 million (previously EUR 82-98 million). This outlook is based on the development of net operating income and the company’s estimate of the development of financial expenses.
Sponda Plc
For further information, please contact:
Kari Inkinen, President and CEO, +358 400 402 653
Pia Arrhenius, SVP, Corporate Planning and IR, +358 40 527 4462
Sponda Plc is a property investment company specialising in commercial properties in the largest cities in Finland. Sponda’s business concept is to own, lease and develop retail and office properties and shopping centres into environments that promote the business success of its clients. The fair value of Sponda’s investment properties is approximately EUR 3.7 billion and the leasable area is around 1.9 million m2.