Nordisk Renting Oy, a subsidiary of Nordea, has bought Jaakko Pöyry Group Oyj's headquarter property at Vantaa. At the same time, Jaakko Pöyry Group Oyj and Nordisk Renting Oy have signed a rental agreement for the property, extending over the next 20 years.
Before the present deal, the Jaakko Pöyry Group rented its headquarter office building from Nordea Finance Ltd, with the option to buy back the property. Following the present deal, the entire office property, including the Jaakko Pöyry Group's headquarter office building, the site and half of the Martinparkki Oy car park, will be taken over by Nordisk Renting Oy. Jaakko Pöyry Group Oyj has an option to buy back these at a later date.
The deal is a continuation of Jaakko Pöyry Group Oyj's effort to focus its financial resources on the company's core business, consulting and engineering. The property deal improves the Jaakko Pöyry Group's profit before extraordinary items for 2003 by about EUR 11 million. The Group's net debt/equity ratio (gearing) improves by about 15 percentage points.
Nordisk Renting owns properties with a total value of about SEK 16 billion. The company's activities are concentrated in the Nordic countries, primarily Sweden and Finland. Nordisk Renting Oy is owned by Nordea.
JAAKKO PÖYRY GROUP OYJ
Erkki Pehu-Lehtonen
President and CEO
Teuvo Salminen
Deputy to President and CEO