KONE to Supply Elevators for Minerva’s Landmark Office Development in the City of London

January 24, 2008

KONE has received a major order from Minerva plc. to supply all elevators for the company’s new Walbrook office building located in the heart of the City of London, England.

The scheme will provide some 445,000 sq. ft. of high-quality offices incorporating trading floors and is one of the largest sites in the central city area. Retail and restaurant space will be located along Cannon Street opposite the main entrance to Cannon Street station. The architects for the building’s design are internationally renowned Norman Foster and Partners.

“We are proud to work again with Minerva, Norman Foster and Partners and Skanska on this beautiful project, allowing KONE to further strengthen its relationship with them,” says Noud Veeger, KONE EVP, Area Director for Central and North Europe.

The Walbrook project will be equipped with 17 elevators, 10 of which will be fully scenic exterior glass elevators. The installation of the equipment will start in December 2008 and is scheduled to be completed in October 2009. The order has been booked in the 2007 order book.

The contract for The Walbrook project follows KONE’s earlier successes in the London area such as the Leadenhall Building, the 201 Bishopsgate and The Broadgate Tower projects.

About KONE:

KONE is one of the world’s leading elevator and escalator companies. It provides customers with industry-leading elevators, escalators and innovative solutions for maintenance and modernization. KONE also provides maintenance services for automatic building doors. In 2006, KONE had annual net sales of EUR 3.6 billion and approximately 29,000 employees. KONE class B shares are listed on the OMX Nordic Exchange Helsinki in Finland.

www.kone.co.uk


About Minerva plc:

Minerva plc is a property investment and development company whose principal strategy is to create shareholder wealth through investment and development of real estate in the UK.

The group has three landmark schemes, all of which have been granted planning approval. Two of these are situated in London’s financial district, The City of London. The first of these is The Walbrook a 445,000 sq. ft. office development designed by Foster and Partners. The second is St Botolphs, a landmark 14 storey office building comprising circa. 560,000 sq. ft. and designed by Grimshaw. The third landmark development, Park Place, will be one of the United Kingdom’s largest shopping centres, located in Croydon, Greater London.

Minerva’s property portfolio also includes the Kensington Odeon Cinema and Lancaster Gate, two high end residential developments both situated in sought after London catchment areas and The Ram Brewery in the heart of Wandsworth, London – a six acre site that will be developed as a significant mixed use scheme. Most recently, the company acquired a further residential development opportunity, the Leinster House Hotel, located in Central London.

www.minervaplc.co.uk

For further information, please contact:
Minna Mars, SVP, Corporate Communications & IR, tel. +358 (0)204 75 4501