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EfTEN Real Estate Fund acquires Prisma building in Narva from Vicus

EfTEN Real Estate Fund purchased the Prisma Peremarket property in Narva, marking the 13th acquisition for the Fund as well as expansion of geographical reach.

According to Viljar Arakas, the CEO of EfTEN Capital, the estate is a good match to the Fund’s profile. “The property is a good investment with the location in a residential district and a strong, long-term single tenant. We have a good working relationship with Prisma Peremarket in Mustika Centre in Tallinn, so we are excited about the opportunity to develop the cooperation further in Narva,” Arakas said. “We have three previous investments in the retail property field: Mustika Centre in Tallinn, Lepa Centre in Pärnu and Uku Centre in Viljandi, so we are extending our reach in the retail segment as well as geographically – Narva is a new town in our portfolio.”

The seller is a Finnish real estate developer and investor Vicus. “Since 2009 we have developed three hypermarkets for Prisma in Narva, Tartu and Riga and at the moment have one more under development in Vilnius. Sale of the Narva property is the first exit, proving our strategy successful. We are very satisfied with the outcome of this project which was started amidst the deepest financial crisis in 2009”, says Risto Hiekka, CEO of the management company Vicus Capital Advisors.

Acquired property is located at Kangelaste prospekt 29 in Narva. The area of land purchased is 30 607 m2, including 13 361 m2 of rental space and ca 350 parking spaces. The Prisma building is rather new, having been built in 2010. The deal will close after obtaining an approval from Estonian Competition Authority. The volume of the deal remains confidential

The acquisition marks the 13th object in EfTEN Real Estate Fund’s portfolio, with a total 88 000 m2 of rental area, divided into office, service, warehousing and public sector of property.

EfTEN Real Estate Fund is established by EfTEN Capital AS, the fund manager, in year 2008. The fund invests in commercial real estate properties; a portfolio of commercial real estate has a total of 13 objects. 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.

For further information, please contact:
Viljar Arakas, CEO, EfTEN Capital AS, tel. +372 50 87 508, e-mail: [email protected]
Risto Hiekka, CEO, Vicus Capital Advisors Limited, tel. +358 400 493 688, e-mail [email protected]

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