FINLAND - Varma Mutual Pension Insurance Company has entered into a sale and leaseback arrangement with The Kesko Group for 13 its stores, including one owned by the retailer's pension fund.

The stories were purchased by Varma for a debt-free price of €156m, representing a €63m gain for the seller, according to Kesko.

All of the 13 properties have been leased back for use by Kesko divisions under five-15-year leases with extension options.

Eight of the stores are used by K-food store chains, three by K-rauta, one by the Anttila department store chain and one by VV-Auto.

The total area of the properties acquired by Varma is 111,000 sq m.