Stockmann sells its flagship department store in Helsinki to KEVA

Aventum advised Stockmann plc on the sale of the iconic Stockmann Department Store in Helsinki CBD

Aventum Real Estate acted as a sole financial advisor to Stockmann plc in the transaction where Keva acquired Stockmann flagship department store located in the in the very heart of Helsinki CBD. The iconic landmark building is Finland’s most popular premium shopping destination in the best possible commercial location in Finland. The transaction was structured as a Sale & Leaseback arrangement in which Stockmann remains as a long-term anchor tenant in the entire building. The leases with Stockmann’s tenants will continue with the current concept.

The department store in Helsinki city centre is designed by the architect Sigurd Frosterus and has a total leasable area of approximately 51 500 square meters. The building was completed in 1930 and has after that been enlarged to its entirety.

Aventum executed a well-structured, competitive sales process during which a wide range of domestic and international investors were contacted. Following the process, the property was sold to Keva, 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.

The transaction was signed in March 2022 and closed in April 2022.