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UPM sells Myllykoski mill site in Finalnd to Redeve Oy

Published 10 April 2018

UPM has divested its Myllykoski mill site and premises, located in Kouvola, Finland, to Redeve O, for undisclosed amount.

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.

"We are honoured to be chosen as the developer of Myllykoski site, and we would like to thank UPM for the trust shown in us. The industrial site of Myllykoski is a highly interesting location for our company. Its development begins immediately," says M.Sc. (Tech) Jari Lahtinen from Redeve Oy.

The contract includes the mill site with its premises, as well as 100 hectares of land. As announced earlier, the biomass boiler, turbine and generator from Myllykoski site have been acquired by Blue Energy Europe in Germany.