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

Situated in Tallinn, Kadrioru Ärikeskus is a complex of four buildings completed in 2016, with all of its 6,600 sq m commercial space being rented out currently. There are 116 places in the underground parking garage and the property’s closed net area amounts to about 11,200 sq m. Citadele Group, Hurtigruten and Vienna Insurance Group are the largest tenants of the business center.

“Kadrioru Ärikeskus as a compact, well accessible and modern property fits well as the first asset in the portfolio of EfTEN Real Estate Fund 4. New buildings of proper quality and with strong tenant composition are promising good yields for the fund”, said Viljar Arakas.

Pirita Tee Development OÜ decided to sell the business center because the development project has been completed by now. The seller was advised by BPT Real Estate AS.

The transaction price is not disclosed according to an agreement between the parties. The transaction will be finalized after an approval of the Estonian Competition Authority.

EfTEN Real Estate Fund 4 is a ten-year closed-end fund designed for institutional investors that is investing in cash flow generating commercial real estate properties in the Baltics. The non-public fund will continue the successful investment strategy of EfTEN Kinnisvarafond II AS, providing to institutional investors exposure to the Baltic real estate market by investing in large scale commercial cash flow properties such as office, retail and logistics.

EfTEN Capital, founded in 2008, is the largest real estate asset manager in the Baltics, managing four funds and private portfolios. The group has 41 commercial properties in Estonia, Latvia and Lithuania with over 1000 tenants and a combined market value of €600 million. EfTEN Capital AS is an AIFM-licensed fund manager acting under the supervision of the Estonian Financial Supervision Authority.