KMC Properties ASA
KMC Properties ASA
07/08/2021 | Press release | Distributed by Public on 07/08/2021 10:13
KMC Properties enters long-term lease agreement with BEWI for new packaging hub at Jøsnøya
Reference is made to the announcement made by KMC Properties on 3 March 2021, regarding letter of intent with BEWI for the development of a packaging hub at Jøsnøya, Hitra, on the west coast of Central Norway. Today, KMC Properties ASA announces that it has entered a conditional long-term lease agreement for the property with BEWI and entered an agreement for the pre-project phase. The new facility will be built by KMC Properties and handed over to BEWI pursuant to a final lease agreement with an initial lease term of 15 years, with an option for BEWI to extend the lease term two times by five year each. The construction cost is estimated to be above NOK 100 million, and the yield-on-cost is set on 7.5 per cent. The agreement is conditional upon KMC Properties entering a construction agreement approved by both parties. Completion of the development project is expected in the fourth quarter of 2022. For further information, please contact: Liv Malvik, CEO of KMC Properties ASA, tel. +4748003175 About KMC Properties ASA KMC Properties is an Oslo Børs listed real estate company focusing on industrial- and logistic properties. The company has a diversified portfolio of properties in the Nordics and the Netherlands, as well as an office building in Moscow, Russia. The properties are strategically located and have long lease agreements with solid tenants. KMC Properties has an ambitious strategy to grow the portfolio through further development of existing properties, as well as M&A initiatives. The information is such that KMC Properties ASA is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 18:10 CEST on 8 July 2021.