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According to Viljar Arakas, fund manager of EfTEN Kinnisvarafond AS, this commercial building was the first investment by EfTEN in Riga and as of today, first successful exit. "I'm glad that property has new professional owner Colonna who will continue the work we started," added Arakas.

Colonna is actively looking for investments in all Baltic states, according to Roberto de Silvestri, head of the Colonna group. "Stabu 10 commercial building is the second investment for us in Latvia. The property with central location and strong tenants with long-term agreements is in line with all investment criteria of our investors," added de Silverstri.

EfTEN Kinnisvarafondi AS bought the property at Stabu street in Riga in 2013 from SIA Ektornet Commercial Latvia. It is a former industrial building that has been transformed into a class-A office building with 3,700 square meters of rentable area.

The holding period of the project was four years, return on equity invested was 21% on an annual basis and equity multiplier 1.8. According to Arakas, this is ninth successful individual property sale transaction for EfTEN's first fund.

Founded in 2006, Colonna Group is mainly involved in yielding property investments and has properties in the Baltic states exceeding 250 million euros in total value. Investors related to the company own more than 87 real estate objects. In total, Colonna manages over 250,000 square meters of leasable area.

EfTEN Kinnisvarafond AS is a real estate fund founded in 2008, that invests in cash flow generating commercial properties. EfTEN Kinnisvarafond AS' investment period ended in 2015 when EfTEN Kinnisvarafond II AS and EfTEN Real Estate Fund III AS were founded. Fund's portfolio includes 20 properties in Estonia, Latvia and Lithuania and total volume of assets under management is 220 million euros.