Estonia, Funds, Good for Business, Investments, Logistics, Real Estate, Transport
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Thursday, 18.04.2024, 05:40
VGP completes sale of Nehatu industrial park to East Capital
"VGP has successfully
completed the sale its VGP Park
Nehatu located in Tallinn, Estonia to East
Capital Baltic Property fund III, a fund managed by East Capital," VGP
told the stock exchange.
The transaction covers five modern logistics buildings with a total of more
than 77,000 square meters of lettable area. The net proceeds of the transaction
total 34.5 million euros.
The Estonian Competition Authority in August approved the sell-off of Nehatu Logistics OU to East Capital Baltic Property Fund III
for 54 million euros.
"This transaction marks the second transaction with East Capital in Estonia, the first one
being the sale in 2012 of newly built logistic properties totalling 40,000
square meters located on the south side of Tallinn. The transaction will allow
us to further expand our activities in our other more core markets, like
Germany, Eastern Europe and Spain," VGP
CEO Jan Van Geet said at the
beginning of July.
VGP builds and
develops high-end logistics real estate and ancillary offices for its own
account and for the account of its VGP
European Logistics joint venture, which are subsequently rented out on
long-term lease contracts.
East Capital is a Swedish fund manager which focuses on developing markets. The company
manages investments worth 2.7 billion euros.
East Capital Baltic Property Fund III is a real estate fund established by fund manager
East Capital in August 2015, that
invests in high-quality commercial properties in Tallinn, Riga and Vilnius. The
equity capital of East Capital Baltic
Property Fund III is 100 million euros. The current investments of the fund are
the Vesse shopping and office center with the leading do-it-yourself chain
Bauhof as anchor tenant and the newly built Hilton Hotel in Tallinn's city
center.