Wulff Oy Ab, a business company within Wulff’s Finnish Products for Work Environments segment, has signed an agreement to sell and lease back its warehouse property located in Tuusula to the French SCPI Eden. The completion of the transaction is conditional on the Municipality of Tuusula’s decision not to exercise its right of first refusal. The value of the transaction is EUR 9.6 million. The one-off sales gain to be recorded in the Group for the first quarter from the transaction is EUR 1.8 million. The sales gain will be treated as an item affecting comparability.
In connection with the transaction, Wulff has signed a twelve-year lease agreement for the premises. Approximately EUR 7.3 million in lease liabilities will be recorded on the balance sheet from the agreement. Wulff will simultaneously repay bank loans totaling EUR 1.0 million. Wulff Oy Ab will record a one-off sales gain from the sale, which will increase the company’s distributable funds by EUR 8.9 million.