Corporate acquisitions and divestments
Stockmann sold its department store property in Helsinki city centre to the pension provider Keva on 7 April 2022 and continues its department store operations under a long leaseback agreement.
Stockmann sold its department store properties in Tallinn and Riga to Viru Keemia Grupp (VKG) on 29 December 2021 and continues with long-term leaseback agreements.
Stockmann sold its Nevsky Centre property in St. Petersburg to PPF Real Estate on 24 January 2019.
Stockmann sold its Book House property in Helsinki city centre to AEW Europe City Retail Fund on 24 May 2018.
Stockmann sold Delicatessen’s business operations in Finland to S Group’s regional cooperatives on 31 December 2017.
Stockmann sold its department store business in Russia to Reviva Holdings Limited on 1 February 2016. Reviva bought 100 per cent of AO Stockmann, a Russian subsidiary of Stockmann plc, and assumed operations of all seven department stores in Russia.
Stockmann signed an agreement to sell the business operations of Hobby Hall to the Finnish SGN Group. The transaction was completed on 31 December 2016, and the business was transferred on 1 January 2017.
Stockmann signed a letter of intent regarding the selling of its subsidiary, Seppälä Oy, in a management buyout to Seppälä’s current CEO, Eveliina Melentjeff and her husband Timo Melentjeff. The transaction took place on 1 April 2015 and covered 82 Seppälä stores in Finland and 20 in Estonia.
Stockmann signed a letter of intent regarding the selling the Academic Bookstore business to the Swedish media company Bonnier Books AB. The transaction was completed according to the letter of intent, and the transfer of business took place on 1 October 2015.
Stockmann sold its subsidiary Z-Fashion Finland Oy which was responsible for the franchising business of four Zara stores in Finland to the Spanish owner of the Zara brand, Inditex.
Stockmann sold the share capital in its subsidiary Kiinteistö Oy Mannerheimintien Pysäköintilaitos to Varma Mutual Pension Insurance Company. At the same time was agreed on a leaseback arrangement, by which Stockmann continues the parking facility in the Helsinki department store through an external operator.
Stockmann sold the financing business for loyal customer accounts to Nordea Finance Finland Ltd.
Stockmann acquired 98% of the shares of the listed Swedish company AB Lindex (publ) on the basis of a public tender offer. In December 2007, Stockmann initiated a redemption proceedings to acquire Lindex’s remaining shares. The redemption proceedings were completed during 2009, at which point the Lindex Group became a 100% owned sub-group of Stockmann.
The entire share capital of Stockmann’s subsidiary ZAO Stockmann-Krasnoselskaya, which operated the Zara business in Russia, was sold to the Spanish Inditex consortium, the owner of the Zara brand.
Stockmann sold the share capital of its subsidiary company Stockmann Auto Oy Ab to Veho Group Oy Ab, the Stockmann Auto’s Volkswagen-Audi business to Kesko Corporation’s subsidiary Helsingin VV-Auto Oy and the Ford dealerships in Turku and Espoo to the Maan Auto Group, owned by SOK Corporation.
Stockmann sold its Sesto daily consumer goods business to Ruokamarkkinat Oy, a subsidiary of Wihuri Oy. In addition, the real estate belonging to the Sesto business and other commercial premises were sold to the Varma-Sampo Mutual Pension Insurance Company. The unit that was sold included 13 grocery stores and 6 hypermarkets.