Baltic, Estonia, Financial Services, Funds, Good for Business, Real Estate

According to fund manager Viljar Arakas, the investment with a great location, an attractive lessee with a long term contract, a sustainable rent level and an appropriate yield fits perfectly with the fund's portfolio. "Hortes is a unique kind of retailer with a widely recognized brand name and a strong market presence in Tallinn. Eften is happy to launch cooperation with Hortes and is looking forward to expanding that to new locations as well," Arakas said in a press release.

Hortes is the biggest garden center in the Baltics which offers a wide selection of indoor and outdoor plants, gardening tools and supplies, as well as home and pet products. 

Eften acquired the Hortes gardening center property constructed in 2006, located on the outskirts of Tallinn at Seljaku 4a, 4b and 2a with a sale-and-leaseback transaction. The total transaction value is 3.1 mln euros with a long term rental contract with Hortes. The property acquired is 15,598 square meters in total with a 3,470 square meter building as well as an outdoor sales area and a parking lot with 146 parking spaces.

Alternative investment fund Eften Real Estate Fund III AS organized third public offering of shares in spring 2017, raising 6.3 million euros. In addition to the Hortes gardening center located in Laagri, the fund is investing in a Selver grocery store to be opened also in Laagri, Tallinn. Additionally, the capital raised with the third public offering is planned to be invested into reconstruction works at DSV logistics center in Riga.

The companies under the management of Eften Capital Group own a total of 46 commercial buildings with more than 900 tenants. As on April 1, 2017, the market value of those buildings is 500 mln euros.