Stockmann to sell its Book House property
STOCKMANN plc, Stock Exchange Release 9.5.2018 at 15:00 EET
Stockmann has signed an agreement to sell its Book House property in Helsinki city centre to AEW Europe City Retail Fund for a sales price of EUR 108.6 million. The closing of the transaction will take place on 24 May 2018. The transaction has a positive profit/loss effect of EUR 7 million and a positive cash flow effect of EUR 108 million for Stockmann.
“We are pleased that the property has found a stable, reliable and professional property owner. The Book House has an excellent location and a strong tenant mix, which contributed to the sale of the property”, says Lauri Veijalainen, CEO of Stockmann.
The Book House, which is designed by architect Alvar Aalto, has a gross leasable area of 8 861 square meters, and the largest tenants are Bonnier Books (Academic Bookstore), HOK-Elanto (Stockmann Delicatessen), Isku Invest (Sisustusmaailma) and Technopolis (UMA Esplanadi). In addition, the property has several other store and office tenants.
Stockmann will use the proceeds to a repayment of its term loan maturing in June 2018.
Lauri Veijalainen, CEO, tel. +358 9 121 5062
Björn Teir, Director, Real Estate, tel. +358 50 553 5108