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EfTEN Kinnisvarafond II news

EfTEN acquires Domina Shopping Center in Riga, Latvia

EfTEN Kinnisvarafond II AS and KanAm Grund Kapitalverwaltungsgesellschaft mbH announce that EfTEN has acquired the Domina Shopping Center from KanAm Grund Group.

It was a hard work for the last six months”, according to Viljar Arakas CEO of EfTEN Capital AS. “We are proud to have a such large scale, true landmark shopping centre addition to our portfolio.” EfTEN Kinnisvarafond II AS completed in June a new share emission in total size of 34,3 million euros. The shares were subscribed by different Baltic pension funds and life insurance companies as well as by EfTEN Capital seed capital investors.

With acquisition value of 74,5 million euros Domina transaction is the largest single investment in EfTEN history. It is 8th acquisition in Latvia managed by EfTEN Capital SIA. The transaction was financed by Nordea bank in the amount of 45 million euros.

I am sure this investment will bring new business opportunities and wider range of services for the shopping center customers. Domina is one of the leading players in its sector and I am happy that Nordea can be part of the new, positive changes and upcoming development,” says Janis Buks, Head of Nordea Bank in Latvia.

With more than 120 thousand m2 Domina Shopping Centre is second largest shopping mall in Riga. Built in several stages, completed in year 2006 by real estate developer Pro Kapital.

Domina Shopping Center has more than 160 stores that cover every retail sector. The centre maintains a clear focus on premium fashion, featuring international brands such as United Colors of Benetton, Mark & Spencer, H&M, Tommy Hilfiger and Guess.

The sale to EfTEN marks the conclusion of an almost decade-long, successful commitment in Latvia of the globally active investor. In the words of Christian Brode, asset management director of KanAm Grund Group: “It has been a privilege to serve the citizens of Riga with excellent shopping opportunities for so long. We are now happy to give the Domina Shopping Center into the best new hands.”

And, indeed, the new owner has major plans, according to Viktors Savins, CEO of EfTEN in Latvia: “Well experienced Centre manager Mrs. Dina Bunce is prepared to take over center management to the next level.” Dina Bunce has more than a decade experience in shopping mall management. She was in management of shopping center Spice, Riga for more than 8 years and for the last six years is responsible for the success of shopping Centre in Siauliai Saules Miestas acquired by EfTEN Real Estate Fund III AS last year.

RIMI Latvia has committed its readiness to open RIMI hypermarket in DOMINA Shopping Centre. This will be a great addition to the chain of our hypermarkets, according to Didzis Kirstuks  ‎Real Estate and Expansion Director – ‎RIMI Latvia.

The Domina Shopping Center with its uniquely central location and stylishly urban flair fits well into the fund’s strategic approach, says Viktors Savins. Acquiring the Domina Shopping Center is a major step forward for us and underscores our leading role in the region.

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