Stockmann to sell its department store properties in Tallinn and Riga and continues with long-term leaseback agreements
STOCKMANN Oyj Abp, Inside Information 29.12.2021 at 18:15 EET Stockmann has today, according to the corporate restructuring programme, sold its department store properties in Tallinn, Estonia and in Riga, Latvia to Viru Keemia Grupp (VKG). The total sales price is approximately EUR 87 million. Stockmann will use the proceeds from the sales of the properties in full 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