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  • Date of publication: 31 August 2020
  • 3258
  • businessbuysale.com
  • Stockmann agreed to sell the last shopping center in Russia

    Synopsis

    Finnish concern Stockmann announced the sale of the Nevsky Center shopping center in St. Petersburg. This is stated in the message of the company. Czech owner PPF Real Estate will be the new owner of Stockmann Nevsky Center.

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Description

Finnish concern Stockmann announced the sale of the Nevsky Center shopping center in St. Petersburg. This is stated in the message of the company. Czech owner PPF Real Estate will be the new owner of Stockmann Nevsky Center.

 

The report states that on January 1, the concern valued the asset at 181 million euros. However, as a result of negotiations, the cost of the transaction was reduced to 171 million euros. The transaction is planned to close by the end of the year, after approval by the Federal Antimonopoly Service (FAS). After tax, Stockmann Group expects to receive 139 million euros .

“The deal will allow Stockmann to concentrate fully on the development of its stores in Finland and the Baltic countries. At the same time, it will give us financial flexibility and the ability to reduce the balance of the group, ”Lauri Weihalainen, CEO of Stockmann, commented on the deal. His words are given in the message.

Nevsky Center is the last property left by Stockmann in Russia after the sale of seven stores to the Russian franchisee of Debenhams department stores . TC area of ​​91,000 square meters. M was opened in 2010. It consists of a shopping center, the anchor tenant of which is the Stockmann department store, as well as office premises and underground parking. At the end of October 2016 Stockmann Group put the object for sale.

In the autumn of 2017, it became known that the O1 Group of Boris Mints received exclusive rights to purchase. The closing of the transaction was planned before the end of the same year, but did not happen. The source of Vedomosti explained this by uncertainty in the banking market and legal proceedings between the O1 Group and Otkritie Bank, which became the property of the Central Bank. In February, Kommersant reported that the only contender for the Nevsky Center was the Morgan Stanley foundation. The American company wanted to buy the property together with the Czech PPF Real Estate, sources close to the different sides of the negotiations said to the publication. But then Morgan Stanley also refused the deal.

 

vedomosti.ru