HiQ has today entered into an agreement with YIT to sell HiQ’s holdings in Westend Affärscentrum OY. The divestment will result in a gain of approximately SEK 20 million, which will be booked in the second quarter 2019.
HiQ has, through the subsidiary HiQ Finland, owned 29.9 per cent of Westend Affärscentrum OY which therefore has been consolidated as an associated company. Westend Affärscentrum owns and manages an office building in Espoo, Finland, in which HiQ Finland previously had their office.
HiQ’s assessment is that the divestment will result in a gain during the second quarter 2019 of approximately SEK 20 million, net of transaction costs. Payment for the sold shares will be done during a two year period, with the first payment being made in the second quarter 2019.