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EfTEN Kinnisvarafond news

EfTEN finalized 20 million EUR investment in Riga

EfTEN Real Estate Fund managed by EfTEN Capital acquired business and industrial property in Riga, Nordic Technology Park. The 20 million EUR transaction is one of the largest real estate transactions made in Latvia this year.

With the transaction 45 000 m2 of office and industrial area was added to EfTEN Real Estate Fund’s portfolio. Property currently has 68 lessees, including international and local companies. The best aspect of the property is the location – the acquired property at Jūrkalnes street 15/25 is adjacent to the city centre and 5 minutes drive from both the airport and port of Riga.

According to the CEO of EfTEN Capital SIA in Latvia, Viktors Savins, this type of properties are investments with the highest stability rate. “Based on my long term experience in the field, I would say this is one of the best managed properties in Riga I know,” said Savins.

EfTEN Real Estate Fund manager Viljar Arakas said this is one of the largest real estate investments made in Latvia this year. “EfTEN’s goal is to increase investments is Latvia and Lithuania. Given transaction is an important milestone in developing our business in Latvia,” added Arakas.

The transaction is financed by SEB Latvia.

AS EfTEN Capital investments in Latvia are managed by SIA EfTEN Capital, a joint venture of SIA Newcom and AS EfTEN Capital from Estonia. SIA Newcom owner is successful Latvian real estate businessman Viktors Savins. The company was established in April 2013, when EfTEN entered Latvian market. EfTEN Capital SIA currently manages four properties in Latvia.

EfTEN Kinnisvarafond AS, a real estate fund founded in 2008 by EfTEN Capital, invests in commercial real estate in Baltics and currently manages a portfolio with 24 properties in total in Estonia and Latvia. EfTEN Capital AS is an asset management company founded in the same year, which specialises in commercial property funds and portfolios. EfTEN Capital AS is a licenced fund manager, registered in and supervised by the Estonian Financial Supervision Authority. The company also offers private commercial real estate portfolio management services.

During first half of 2014, compared to 2013, EfTEN Real Estate Fund consolidated revenue has increased from 4,2 million EUR to 6,4 million EUR with net profit increasing from 2,3 million EUR to 7,5 million EUR. Post-transaction, the asset volume of the group is 200 million EUR.

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