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Stora Enso Sells Head Office in Helsinki

June 9, 2008 - Stora Enso said that it has signed an agreement to sell its head office building in Helsinki, Finland, to Deka Immobilien GmbH of Germany for approximately EUR 30 million. Stora Ensoís head office is located at Kanavaranta 1 in the Katajanokka district of Helsinki.

A capital gain of approximately EUR 2 million will be recorded as a non-recurring item under other operations in the segmental reporting of Stora Ensoís second quarter results, the company said.

Stora Enso will rent the building from WestInvest InterSelect, one of the Deka Groupís funds. Stora said it will later relocate its head office to rented premises in the Helsinki metropolitan area that will better meet its future needs.

Stora Ensoís head office building in Helsinki was designed by architect Alvar Aalto as the head office of Enso Gutzeit Oy. It was inaugurated in 1961.

SOURCE: Stora Enso




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