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Stockmann sells Helsinki bookstore property

The deparment store chain said it has sold the Book House in central Helsinki to a global real estate investor for 108 million euros.

The Academic Bookstore in Helsinki Image: Antti Kolppo / Yle

Department store chain Stockmann announced on Wednesday that it has sold its bookstore property Book House (Kirjatalo) in the center of Helsinki for 109 million euros.

The Alvar Aalto-designed building, which is known for housing the Academic Bookstore, will be purchased by AEW Europe City Retail Fund.

Stockmann put the Book House, which is solely used by other businesses, up for sale earlier this year. The largest tenants in the building include Bonnier Books, HOK- Elanto and Isku Invest.

Stockmann used to sell books at the Academic Bookstore until 2015 when Sweden's Bonnier bought it.

In recent years, Stockmann has struggled with falling sales, in particular in its women’s fashion chain Lindex. The company said in a statement it would use the proceeds from the sale of the Book House to repay debt.