Panostaja Oyj - Company Announcement

PANOSTAJA TO SELL ELEVEN PROPERTIES

Panostaja Oyj           Stock Exchange Release  October 23, 2009   2:30 p.m. 


PANOSTAJA TO SELL ELEVEN PROPERTIES                                             

On 23rd October 2008 Panostaja Oyj announced that it is to evaluate             
opportunities to divest group's real estate holdings as a part of its growth    
strategy and focusing on its core business. As a result of this evaluation      
Panostaja is selling eleven of its properties to PE Kiinteistörahasto I Ky for a
debt free value of EUR 14.2 million. The Panostaja Group will make a EUR 5.8    
million profit from the deal, of which EUR 4.2 million is to be credited to the 
Group's net operating profit for 2009. The companies in the Panostaja group will
continue to operate as tenants on the premises being sold with varying maturity 
fixed-term rental agreements.                                                   

The sale relates to ten properties operating as production and logistics centres
in central and southern Finland and a 50% share in land located in Tampere's    
Lahdesjärvi district. The sites in question are listed in Appendix 1.           

The deal involves the founding of PE Kiinteistörahasto I Ky, a property fund    
investing in logistics and production centres. The fund's biggest investor is   
Etera Mutual Pension Insurance Company. As part of the arrangement, Panostaja   
will invest EUR 3.2 million in PE Kiinteistörahasto I Ky, representing a 27%    
share. Panostaja will include the property fund as an affiliated company in the 
consolidated financial statements, which is why it is omitting its share of its 
profit from sales in the statements. Panostaja's investment in the property fund
of EUR 3.2 million will be entered in the consolidated balance sheet as a net   
sum of EUR 1.6 million, being the unrecorded share of the profit from the sale. 

”The capital released as a result of this divestment will help to realise       
Panostaja's growth strategy in the future. This arrangement will also mean that 
outside professionals will run all the properties, leaving the heads of our     
business areas to concentrate entirely on managing their own business           
operations”, says CEO Juha Sarsama. ”We are very happy with this solution, one  
we were able to arrive at in spite of the challenging real estate market        
situation.”                                                                     


Panostaja Oyj                                                                   


Juha Sarsama                                                                    
CEO                                                                             


Further information from:                                                       

Juha Sarsama, CEO, tel. 040 774 2099                                            




Appendix 1: properties affected by the sale                                     


--------------------------------------------------------------------------------
| Property                   | Address               | Built in     | Square   |
|                            |                       |              | metres   |
--------------------------------------------------------------------------------
| Koy Viikintien             | Säynäslahdentie 10,   | 1984         | 1,935    |
| Pienteollisuustalo         | Helsinki              |              |          |
--------------------------------------------------------------------------------
| Lahdesjärven               | Tinakatu 10, Hyvinkää | 1979, 1995,  | 1,871    |
| Kiinteistöjalostus Oy      |                       |              |          |
--------------------------------------------------------------------------------
| Koy Lahden Rataskatu 5     | Rataskatu 5, Lahti    | 1985         | 1,068    |
--------------------------------------------------------------------------------
| Multivator Oy and property | Turuntie 40, Laitila  | 1978, 1998   | 6,800    |
--------------------------------------------------------------------------------
| Koy Hepolamminkatu 15      | Hepolamminkatu 15,    | 1980,1984    | 1,961    |
|                            | Tampere               |              |          |
--------------------------------------------------------------------------------
| Koy Lakalaivan             | Postitorvenkatu 14,   | 1990         | 4,905    |
| Teollisuustalo I           | Tampere               |              |          |
--------------------------------------------------------------------------------
| Industrial property        | Koneharjunkatu 6,     | 1978, 1998,  | 3,569    |
|                            | Lahti                 | 2009         |          |
--------------------------------------------------------------------------------
| Koy Teivaalantie 1         | Teivaalantie 1,       | 1970         | 2,854    |
|                            | Tampere               |              |          |
--------------------------------------------------------------------------------
| Helakiinteistöt Oy         | Terseruksenkatu 11,   | 1990         | 470      |
|                            | Turku                 |              |          |
--------------------------------------------------------------------------------
| Logistics real estate      | Karjarannantie 18,    | 1984         | 1,050    |
|                            | Pori                  |              |          |
--------------------------------------------------------------------------------
| Koy Tampereen Portti, 50%  | Postitorvenkatu,      | _            | _        |
| share of ownership         | Tampere               |              |          |
--------------------------------------------------------------------------------