EfTEN Kinnisvarafond II news
EfTEN makes its largest single investment in Latvia
EfTEN Real Estate Fund II acquired from Catella Real Estate AG an A-class office building, Duntes Biroji, located at 6 Duntes street Riga, Latvia. It is the seventh investment in Latvia managed by EfTEN Capital Latvia.
Built in 2007 by Merks (Merko group), a leading construction company in the Baltics, Duntes Biroji is one of the best office buildings in the Riga CBD area. The office building with high-end architecture and construction quality boasts 18’000 sq. m in a good and visible location. Building is well maintained and it has good technical infrastructure. The property’s tenants include internationally recognized corporations, such as Statoil, Samsung, Premier Capital (McDonalds), LHV Bank, Royal Canin, Takeda and others.
In 2008 Duntes Biroji, designed by the acclaimed Finnish architect Tuomo Siitonen, won in Riga the prize of the Best Office Building. Due to the modulus principle, the office room planning can be easily adapted to the needs of individual tenants. The office building is a two-part building with seven floors, a spacious glass atrium and harmonious environment. The property has 344 parking places.
EfTEN Real Estate Fund II, which is primarily targeted for institutional investors, fund manager Viljar Arakas: “We are happy to announce already the second transaction in 2015 for the EfTEN Real Estate Fund II, following the acquisition of the Radisson Blu Sky hotel in Tallinn. Duntes Biroij suits perfectly to EfTEN’s portfolio and the transaction complies well with the fund’s core investment strategy.”
Duntes Biroji is EfTEN’s the largest single investment in Latvia so far. Due to the confidentiality clause the transaction price cannot be disclosed. SEB bank Latvia financed the acquisition.