UPM sells its Myllykoski mill site and premises, located in Kouvola, Finland, to Redeve Oy. The buyer is specialised in real estate development.
The transaction was completed today and the ownership of the real estate was transferred to the buyer with an immediate effect.
UPM closed its Myllykoski paper mill in 2011. Since then, UPM has been searching for a solution to enable further usage of the site.
"We have been searching for a credible buyer for quite some time and have investigated several options. We are very pleased with the end-result. Redeve is well-known for their capabilities and experience in real estate development. We believe they will bring business and prosperity to the site," says Samuli Eerolainen, Director, Real Estate at UPM.
The contract includes the mill site with its premises, as well as 100 hectares of land. The biomass boiler, turbine and generator from Myllykoski site have been acquired by Blue Energy Europe in Germany.
UPM Paper ENA (Europe and North America) is the world's leading producer of graphic papers, offering an extensive product range for advertising and publishing as well as home and office uses.