COBALT advised Viru Keemia Grupp on buying Stockmann department stores

COBALT advised Viru Keemia Grupp (VKG) in a sale and leaseback transaction of the Stockmann department stores in Tallinn and Riga. The Riga property includes also a multiplex cinema operated by Forum Cinemas. The total sale price of the Tallinn store along with the Stockmann store in Riga is reported at EUR 87 million. The value of the multiplex cinema part is confidential. Stockmann and Forum Cinemas remain tenants in the Tallinn and Riga properties.

Viru Keemia Grupp is a privately owned Estonian industrial corporation with a history dating back to 1924.

COBALT provided full legal support to the purchaser in Estonia and Latvia, including the legal due diligence of the target, drafting of transaction documentation and assisting on the closing of the deal. Client was advised by Partner Aivar Taro and Senior Associate Sandra Sillaots, Associate Helen Sool in Estonia, Managing Partner Dace Silava-Tomsone, Senior Associates Inga Tenisa and Mārtiņš Tarlaps, Associate Juta Meimere and Marija Berdova in Latvia.

Media coverage can be found: here and here.