EfTEN Kinnisvarafond news
EfTEN reconstructs Mustika Centre
EfTEN Capital reconstructs Mustamäe’s largest shopping centre Mustika Centre, where a new anchor tenant, Bauhof, opens a Do It Yourself store. The reconstructed centre opens later this year.
EfTEN Capital manager of retail space Toomas Õun notes that the revolving centre added a new commercial space and new brands. “At the moment we have entered into 29 lease agreement. We are pleased to be added the DIY-store, Bauhof as an anchor tenant, which enables Mustamäe inhabitants to bring a representative selection goods of finishing- and gardening equipment. So it is possible to have everything you need in a one place,” said Õun.
Of all 40,000 square meters will be reconstructed approximately 50%. Construction is involving both floors, also front and rear facades. Most of the rental premises will be rebuilt, included internal streets and entrances, there will be also a new elevator and escalator. During the reconstruction approximately 4,000 square meters of new rental space will be added. Reconstruction includes outdoor parking; there will be traffic changes and new street lighting. Prisma, Olympic Casino and Uno Pizza have their own entrance and they are open during the reconstructions.
Mustika centre rentable retail premises make up about 27,000 square meters currently is rented out about 20,000 square meters. Anchor tenant Bauhof, with its gardening section, called Aiaparadiis will occupy approximately 3,200 square meters of rental space. The other well-known tenants in the centre are Prisma, OnOFF, ZooPlanet, Abakhan, Olympic Casino, Eesti Post, Humana, BENU Pharmacy, Uno Pizza, Klick, Time Square.
EfTEN Capital AS, the fund manager, established EfTEN Real Estate Fund, in year 2008. The fund invests in commercial real estate properties; the portfolio of commercial real estate has a total of 22 properties in Estonia, Latvia and Lithuania in total of 148 000 m2. EfTEN Capital AS is an asset management company founded in 2008, specialising in commercial real estate investments. Estonian FSA licenses EfTEN Capital as a fund manager. The company also offers private portfolio management.
For more information, please contact:
Toomas Õun
Business Manager of retail space
EfTEN Capital
+372 50 20 885
[email protected]