Trade Stockmann will sell its Helsinki department store property to Keva for EUR 400 million

Department store group Stockmann has agreed to sell its Helsinki department store property to Keva, a public sector employment pension insurer.

The value of the transaction is EUR 400 million, of which the amount to be paid in connection with the transaction is approximately EUR 391 million, Stockmann says in a press release. The rest will be taken into account in the rent for the next few years.

Stockmann will continue its department store operations throughout the property under a long-term leaseback agreement.

The transaction is subject to normal completion conditions, and Stockmann expects the transaction to be completed by the end of April at the latest.

With the proceeds from the sale of the real estate transaction, Stockmann will fully repay both the secured restructuring debt of EUR 342.6 million and the undisputed unsecured restructuring debt of EUR 21.8 million, the company says.