Monday, 3 December 2007

KONE: Renting is better

"KONE announced on August 7, 2007, that it was considering the sale of its KONE Building located in Espoo, Finland."

"KONE sold the KONE Building today to Hanseatische Investment-GmbH ("Hansainvest"). "

"The selling price is EUR 35 million. KONE will stay in the building as a tenant under a long-term lease agreement."

So either KONE thinks that commercial buildings bubble is about to burst or they have urgent need to get cash as borrowing become increasingly difficult because of the liquidity crisis.

About KONE: It is the world's leading elevator and escalator companies. It provides its customers with industry-leading elevators and escalators, with innovative solutions for their maintenance and modernization.

About HANSAINVEST : Founded in 1969, HANSAINVEST Hanseatische Investment-GmbH, Hamburg, is part of the SIGNAL IDUNA Group, one of the largest German insurance and financial service providers.

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