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EfTEN Kinnisvarafond news

EfTEN Kinnisvarafond sold Prisma hypermarket property in Narva

EfTEN Kinnisvarafond AS sold Prisma supermarket property located in the city of Narva, Estonia to French asset management company Corum, investing into commercial real estate in Europe. Transaction price is 16.7 million euros.

According to Viljar Arakas, fund manager of EfTEN Kinnisvarafond AS this is eighth successful individual property sale transaction for EfTEN Kinnisvarafond AS. „This investment has definitely proven successful for our investors and we are glad that with given transaction, a new investor has entered commercial real estate market in the Baltics,“ added Arakas.

Though EfTEN Kinnisvarafondi AS’ term will end in 2022, as a fund manager EfTEN Capital considers important to exit projects timely not to wait for the end date, according to Arakas.

Property in Narva at Kangelaste prospekt 29 has been in the fund’s portfolio since March 2013. Return on equity invested was 24% on an annual basis and equity multiplier 1.9.

Corum is French asset management company, investing into commercial real estate in Europe for whom this is a first transaction and investment in the Baltics.  The advisor of the transaction was Newsec Lithuania.

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.