Roschier represented Stockmann in the sale and leaseback of its flagship department store property in Helsinki
Finnish listed retailer Stockmann plc has agreed on the sale of its department store property in Helsinki city center, with a long leaseback agreement, to Finnish pension provider Keva. The value of the transaction is EUR 400 million. Roschier advised the seller in the transaction.
The transaction is structured as a sale & leaseback arrangement whereby Stockmann will continue its department store operations in the entire building under a long leaseback agreement. The sale is subject to customary closing conditions with expected closing by the end of April 2022.
The iconic department store in Helsinki city center was designed by architect Sigurd Frosterus and has a total leasable area of approximately 51,500 square meters. The building was completed in 1930.
Keva is a public sector pension provider and Finland’s largest employment pension institution with a total of 1.3 million private customers. The value of Keva’s investment assets at the end of 2021 was approximately EUR 67 billion.