Stockmann sells the iconic department store for EUR 400 million to pay off its debts

The net return is about 4.2 percent.

“We are delighted to have found a stable and reliable domestic owner for the property.” said Jari LatvanenCEO of Stockmann.

Stockmann revealed that it will use the proceeds of the sale to repay in full the secured restructuring of more than EUR 342 million and the unsecured restructuring debt of almost EUR 22 million.

The transaction is expected to close by the end of April.

Jaakko KianderKeva’s CEO stated that the acquisition of a centrally located and historically important property is in line with the institution’s long-term real estate investment strategy, so that the return on investment expectations are in line with the long-term of real and sufficient returns for pension funds. .

“Today, it is increasingly important for pension institutions to hedge against the of ,” he said added.

Aleksi Teivainen –

Source: The Nordic Page




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