Helsinki-listed Stockmann Group has appointed Colliers International as exclusive advisor to investigate a possible disposal of its freehold interest in Nevsky Center, which is located in the heart of St Petersburg.
'Nevsky Centre is located in an excellent location, is almost fully leased and has a good potential going forward,' explained Stockmann's CEO Lauri Veijalainen.
With a total area of 91,000 m2 and a total gross leasable area of 45,000 m2, Nevsky Center represents a modern high-quality building comprising a prime shopping centre anchored by a Stockmann department store, prime office premises and spacious underground parking.
'Nevsky Center represents a trophy asset and an exceptional quality investment product,' noted Stanislav Bibik, partner, board member and head of capital markets at Colliers International Russia. 'It has an excellent location in the heart of St Petersburg, is a modern high quality institutional asset and with Stockmann department store as an anchor tenant, it has secured and diversified cash flow.'
In addition to Stockmann's flagship department store of which offers a wide, high-quality range of fashion, cosmetics, food and home products, Nevsky Center hosts nearly 100 tenants including well-known international retailers such as H&M, Hamleys, Tommy Hilfiger, Longchamp.
Nevsky Center is located on Vosstaniya Square and Nevsky Prospekt, which serves as the main retail street of the city, and has good access to public transportation links. Overall, the centre's primary catchment area covers about 80% of the population of St Petersburg, or over 4 million people.
