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Printed: 19.06.2024.

PrintEast Capital acquired Rimi Eesti Food logistics centre and headquarters building

Juhan Tere, , BC, Tallinn, 28.08.2014.
East Capital Baltic Property Fund II managed by East Capital acquired Rimi Eesti Food’s logistics centre and headquarters near Tallinn, at Põrguvälja tee 3, Jüri. The property was previously owned by Kinnisvaravalduse AS, a subsidiary of RIMI / ICA group, AS Rimi Eesti Food will remain a long term lessee of the property. The purchase price was 13.4 million euros, at the asset's capitalisation rate of 8%, reported BC head of marketing and communications Andrija Lilleoja.


Ruth Laatre, the head of Rimi Baltics Real Estate, told that the sale of Jüri logistics center and headquarters building is part of larger plan to restructure Rimi real estate holdings in the Baltics. The cash received will be used to finance the enlargement of Rimi retail operations in the Baltics. She added that Rimi will sign long term lease agreements and will continue to use the premises.


"With the sale-leaseback transaction East Capital Baltic Property Fund II acquired the property, what Rimi will continue to rent with long term lease agreement. The transaction is a great addition to our portfolio. The long-term lease contracts ensure stable cash flow and attractive yield for the investors.  With the current transaction East Capital’s portfolio of warehouses and production buildings in Estonia will increase up to 80 000 square metres and 20 lessees,“ said Madis Raidma, East Capital Real Estate CEO.


„The Baltics real estate market is important and interesting market for East Capital. We definitely plan to look into expanding in the real estate sector and at the same time be a good co-operation partner for our lessees and banks who fund our projects," Raidma added.


The transaction was advised by Catella Corporate Finance. The legal advisers were law firm Raidla Lejins & Norcous (advisor to East Capital) and law firm Sorainen (advisor to Rimi Estonia).


East Capital Baltic Property Fund II founded in 2013 invests in commercial real estate all over Baltics. Today the Fund has investments in all three Baltic states and is looking into expanding.