Date: 7 months ago   Category: Finance

Stockmann sells the last shopping center in Russia — Rambler News Service


Photo: Alexander Demyanchuk / TASS of Stockmann sells the last shopping center in Russia — shopping Mall Nevsky Center in St. Petersburg — to the Czech holding PPF Real Estate for €171 million, the press service of the Finnish company reported. "Stockmann signed the agreement on sale of the shopping center "Nevsky Center" in St. Petersburg with PPF Real Estate at the price of €171 million. The cost of "The Nevsky center" for January 1, 2018 was €181 million. The absolute Russian subsidiary Stockmann, LLC Stockmann Nevsky Center which possesses 100% of "The Nevsky center" participates in the transaction. Completion of the transaction demands approval of the Russian bodies for questions of the competition. The purpose is in finishing the transaction and to transfer the ownership to an asset by the end of 2018" — it is said in the statement. The press service of Stockmann noted that after payment of a tax the company will gain about €139 million that will lead to decrease in profit before interest and taxes (EBIT) for €17 million. Reduction of an indicator will manage to be compensated by reduction of financial expenses of the company. According to the message, the transaction on sale of shopping center will allow Stockmann to focus on development of own shops in the Baltic countries and Finland. In addition, the transaction will increase financial flexibility of the company and will reduce debt in balance of Stockmann. Shopping Center Nevsky Center opened in November, 2010. An anchor tenant is JSC Stockmann which owns Stockmann department stores in Russia since 2016. After sale of "The Nevsky center" Stockmann Group will have no business in Russia any more.

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