Stockmann sells department store properties in Tallinn and Riga for €87 million
Stockmann has sold its department store properties in Tallinn, Estonia and in Riga, Latvia to Viru Keemia Grupp (VKG) according to its corporate restructuring programme.
The total sales price is approximately EUR 87 million. Stockmann will use the proceeds from the sales of the properties to reduce its secured restructuring debts.
Stockmann will continue its department store operations in Tallinn and Riga under long-term leaseback agreements made with the new owner. Leases with Stockmann’s tenants will continue mainly with the current concept.
Stockmann opened the Tallinn department store in 1996 and expanded it from a two-storey to a five-storey department store in 2000, and it became the largest department store in the Baltics. The net leased area of the Tallinn department store property is 22 980 square meters. The department store in Riga was built in 2003 and has a net leased area of 15 965 square meters.
Ellex in Latvia Associate partner Valters Diure and Senior associate Beata Plocina advised Security Agent on the transaction.