Image: Stockmann

Stockmann has sold the Nevsky Centre property in St. Petersburg

The sale of Stockmann’s Nevsky Centre shopping centre to the new owner PPF Real Estate has been completed.

The transaction included Stockmann’s fully-owned Russian subsidiary, OOO Stockmann Nevsky Centre, which owns 100% of the Nevsky Centre property. Further information on the transaction is available in stock exchange releases published on 16 October and 18 December 2018.

The transaction price was EUR 171 million and the transaction had a positive cash flow effect of approximately EUR 141 million on Stockmann after taxes. Stockmann uses the proceeds to repay its bank loan.

After the divestment of the Nevsky Centre property, Stockmann Group has no longer any own operations in Russia. The Stockmann department stores in Russia are run by AO Stockmann, a company owned by Reviva Holdings Limited since February 2016. Stockmann has a license agreement with Reviva on the usage of the Stockmann brand in Russia until 2023.

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