EfTEN Kinnisvarafond II news
EfTEN Real Estate Fund II acquired shopping centre Magistral
EfTEN Real Estate Fund II acquired the shopping centre Magistral for 24 million euros. Following the transaction closed yesterday, the fund’s current volume of assets is over 100 million euros.
According to Viljar Arakas, CEO of EfTEN Capital and EfTEN Real Estate Fund II fund manager, the property is a valuable addition to EfTEN’s real estate portfolio. „Mustamäe is the second most populated region in Tallinn, and Magistral as the regional shopping centre is in a very good location. Citycon as the previous owner of the centre has done great job expanding Magistral and we plan to further increase the choice of products and services offered in the centre,“ said Arakas.
Acquisition of Magistral is the third transaction for the EfTEN Real Estate Fund II, which is mainly directed to institutional investors. In January 2015 the fund acquired Radisson Blu Sky hotel in Tallinn and in December 2015 it acquired Duntes Biroji, A-class office building located at 6 Duntes street Riga, Latvia. Following the acquisition of Magistral, the fund’s current volume of assets is over 100 million euros. Law firm FORT advised the buyer during the transaction and Danske Bank financed the acquisition.
Shopping centre Magistral was first opened in 2000 and reopened after finishing the extension in May 2012. Total selling space of the property is 11 720 sq. m and centre has 191 parking places. The centre has 65 stores and service providers, including restaurants and cafeterias, affiliate banks, mobile companies, post offices, laundry and pharmacy. The property’s biggest tenants are RIMI, Koduekstra, Rademar, Seppäla and Takko Fashion. Magistral was visited by 3,4 million customers in 2014.