The property investment company Sponda Plc has sold its 45.1% share in Ovenia Oy, a provider of property management services, to funds managed by Vaaka Partners Ltd and to Ovenia’s current management. Parties have agreed not to disclose the price of the deal.
Sponda records a sales profit of approximately €7.7 million from the deal. In the transaction, other shareholders will also sell their shares to funds managed by Vaaka Partners Ltd and to Ovenia’s current management.
Sponda is one of the founding shareholders of Ovenia and has contributed strongly to the company’s development. As Ovenia has grown and expanded its customer base, the current shareholders deemed it appropriate for Ovenia's further development to divest their shares. Sponda has been happy with the services provided by Ovenia and will continue to procure property management services from Ovenia.