Stockmann has sold its department store property in Helsinki city centre
STOCKMANN plc, Investor news 7.4.2022 at 12:15 EET
Stockmann has completed the sale of its department store property in Helsinki city centre to the new domestic owner, the pension provider Keva. Further information on the transaction is available in the stock exchange release published on 21 March 2022.
The value of the transaction is EUR 400 million, of which approximately EUR 391 million has been paid in connection with the transaction. The remaining part will be taken into account in the rent during the next few years. Stockmann will use the proceeds from the sale of the property to fully repay both the secured restructuring debts and the undisputed unsecured restructuring debts that are currently subject to the corporate restructuring payment programme.
Stockmann will continue its department store operations in the entire building under a long lease-back agreement that has been made with the new owner.
Jari Latvanen, Stockmann’s CEO, tel. +358 9 121 5606
Jaakko Kiander, Keva’s CEO, tel. +358 20 614 2097