Stockmann to close the sale of Nevsky Centre in St. Petersburg during Q1 2019
STOCKMANN plc, Stock Exchange Release 18.12.2018 at 18:00 EET
Stockmann plc signed an agreement to sell its Nevsky Centre shopping centre property in St. Petersburg, Russia, to PPF Real Estate on 16 October 2018. Due to delays in the closing process, the Nevsky Centre transaction will not be completed by the end of the year as earlier estimated.
The transaction has been approved by the Russian Federal Antimonopoly Service. The final steps of the closing process will start after Russian bank holidays in January 2019 and the transaction will be completed at latest in February 2019, after which Stockmann will use the proceeds to a repayment of its term loan.
Lauri Veijalainen, CEO, tel. +358 9 121 5062