Construction, Estonia, Funds, Good for Business, Investments, Real Estate
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Saturday, 20.04.2024, 03:05
EfTEN to build a new gardening centre for Hortes in Tallinn’s Tähesaju City
Photo: EfTEN Tähesaju tee OÜ. |
EfTEN Real Estate
Fund III, which is listed on the Baltic Main List of the Nasdaq Baltic securities exchange, will invest more than 5.5 mln
euros overall in the construction of the gardening centre thorough its
subsidiary EfTEN Tähesaju tee OÜ.
According to Viljar Arakas, a member of the board of EfTEN Real Estate Fund III, the agreement
with the main contractor has been signed, the construction site has been fenced
in and soon the ground works will begin. “We are glad for the opportunity to
build a second gardening centre for Hortes
in our capital city that will certainly attract new customers to Hortes. The Tähesaju City commercial
area is conveniently located also for a large part of Tallinn’s metropolitan
area,” said Arakas.
Hortes is owned
and operated by pan-Baltic private equity firm Livonia Partners. According to Kristīne Bērziņa, a founding partner at Livonia, the opening of a new
gardening centre in Lasnamäe is good news not just for people in Lasnamäe
itself, but also for those living in nearby areas such as Pirita and Viimsi. “As
one of the best retail concepts to come out of Estonia, Hortes has proven itself and we are ready to expand the business
further. Next spring everyone living on the east side of Tallinn will be able
to do their shopping a lot closer to home,” Bērziņa said.
Earlier this year EfTEN Real Estate
Fund III acquired the original Hortes
garden-centre property in the Laagri district of Tallinn, from AS Hortes, in a sale-and-leaseback
transaction. Livonia Partners said
that sale was a key step to convert Hortes
into an asset-light operation prior to more active expansion.