EfTEN Kinnisvarafond news
EfTEN acquires transport and logistics centres in Tallinn
EfTEN Real Estate Fund, managed by EfTEN Capital, submitted an application to Estonian Competition Authority for purchasing DHL Logistics Centre building and ONNINEN warehouse including Est-Trans cold-storage and commercial building.
According to Viljar Arakas, CEO of EfTEN Capital, the location of properties is very good for logistics and transportation business in Tallinn.
”EfTEN is looking for quality investments in Baltic States and this portfolio with quality properties fulfils our requirements very well and it marks our 5th investment to logistics real estate sector,“ states Viljar Arakas. The value of EfTEN Real Estate Fund’s gross assets will be over 175 million euros after the transaction.
The seller is real estate developer Varasto Estonia OÜ. Properties are located at Betooni Street 1A and Betooni Street 6 in Tallinn. The area of the land purchased is in total 70 793 m2, including 24 100 m2 of rental space as logistics area, office building and cold storage. The logistics centre was built in 2008 and the property at Betooni Street 6 in 1998.
The transaction will close after obtaining an approval from Estonian Competition Authority. The volume of the transaction remains confidential. The transaction is financed by Danske Bank.
EfTEN Real Estate Fund is established by EfTEN Capital AS, the fund manager, in year 2008. The fund invests in commercial real estate properties in the Baltic States; a portfolio of commercial real estate has a total of 21 investments. EfTEN Capital AS is an asset management company founded in 2008, specialising in real estate investments. EfTEN Capital is licensed as a fund manager by Estonian FSA. The company also offers private portfolio management.