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 Enso’s 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 Enso’s second quarter results, the company said.

Stora Enso will rent the building from WestInvest InterSelect, one of the Deka Group’s 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 Enso’s 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