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Technopolis to shed Jyväskylä, Finland, portfolio for €104.5M

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Technopolis to shed Jyväskylä, Finland, portfolio for €104.5M

Technopolis Plc agreed to sell a portfolio of office assets in Jyväskylä, Finland, for €104.5 million to Brunswick Real Estate AB's property arm Kielo and a group of international investors.

The properties offer a total rentable area of about 49,000 square meters. The company will repay financial lease liabilities of €16.5 million on the assets.

The sale is conditional upon the City of Jyväskylä's waiver of its redemption right related to the property portfolio.

With the current sale, which is expected to close before the end of 2017, and an earlier disposal of the Viveca business campus in Jyväskylä, the company will have exited all of its operations in the city.

Technopolis will use the proceeds from the sale for general corporate purposes and to finance its strategic growth developments.

The company noted that its guidance will remain unchanged following the sale.

Kielo said in a separate news release that it is also acquiring Technopolis' current management team in Jyväskylä, which will become a part of its own organizational structure after the deal.