Brief: Stockmann Agrees On Sale Of Its Department Store Property In Helsinki City Centre

Lindex Oyj

21/03/2022 07:07

March 21 (Reuters) - Stockmann Oyj Abp  STOCKA.HE :
    * STOCKMANN HAS AGREED ON THE SALE OF ITS DEPARTMENT STORE
PROPERTY IN HELSINKI CITY CENTRE AND CONTINUES WITH A LONG-TERM
LEASEBACK AGREEMENT
    * ACCORDING TO CORPORATE RESTRUCTURING PROGRAMME, AGREED ON
SALE
OF ITS DEPARTMENT STORE PROPERTY IN HELSINKI CITY CENTRE TO
PENSION PROVIDER KEVA
    * VALUE OF TRANSACTION IS EUR 400 MILLION, OF WHICH
APPROXIMATELY
EUR 391 MILLION WILL BE PAID IN CONNECTION WITH TRANSACTION
    * SALE IS SUBJECT TO CUSTOMARY CLOSING CONDITIONS AND
STOCKMANN
EXPECTS SALE TO BE COMPLETED BY END OF APRIL 2022 AT LATEST
    * REMAINING PART WILL BE TAKEN INTO ACCOUNT IN RENT DURING
NEXT
FEW YEARS
    * WILL USE PROCEEDS FROM SALE OF PROPERTY TO FULLY REPAY
BOTH
SECURED RESTRUCTURING DEBTS OF EUR 342.6 MILLION AND UNDISPUTED
UNSECURED RESTRUCTURING DEBTS OF EUR 21.8 MILLION THAT ARE
CURRENTLY SUBJECT TO CORPORATE RESTRUCTURING PAYMENT PROGRAMME
    * NET YIELD IS APPROXIMATELY 4.2 PER CENT

Source text for Eikon:  ID:nWkrNKjnJ 
Further company coverage:  STOCKA.HE 

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