Sponda Plc has sold to VVO group and Tapiola Mutual Life Assurance Company a plot of land designated for housing production in the Itäkeskus district of Helsinki for approximately €13 million.
The site has building rights of about 25,000 m² and is located in Vanhanlinnantie road in the same block in which Sponda is building the new Prisma shopping center for HOK-Elanto. Sponda is recording a profit on the sale of €8.5 million.
In this transaction Sponda is selling land that is designated for residential accommodation and not in line with its strategy. In accordance with the company's strategy, Sponda is focusing on owning office, retail and logistics property.