EfTEN Kinnisvarafond news
EfTEN Capital will construct new DEPO store in Jelgava.
EfTEN Real Estate Fund expanded real estate portfolio in Latvia by acquiring a land plot in Jelgava city centre, where the fund will construct DIY shopping center for DEPO DIY, the biggest construction supplies retailer in Latvia.
According to Viktors Savins, the CEO of EfTEN Capital Latvia, the location speaks for itself with the best possible positioning in the city. The shopping centre will have one anchor tenant – DIY retailer DEPO, with whom the lease agreement has already been signed. The fund has acquired all necessary permissions and the construction will start within few months.
The size of the land acquired is 36000 m2, the construction volume of is 16000 m2 and the shopping centre will include 280 parking spaces.
EfTEN Real Estate Fund manager Viljar Arakas added: “Expanding our investments in Latvia is a strategic goal of the fund and we are happy to announce the launch of our fifth project in Latvia”. The expected investment volume of the project is 7,5 million euros.
The project is located in the city center, on the main street across the river of Jelgava palace.
Depo DIY is the largest DIY retailer in Latvia with 9 smiliar centres across Latvia and annual turnover of 152 million euros.
Two founders jointly established EfTEN Capital SIA in April 2013 – “EfTEN Capital” AS from Estonia and “NEWCOM” SIA, marking EfTEN Capital’s expansion into Latvian market. This is sixth property under EfTEN Capital management in Latvia.