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EfTEN Kinnisvarafond news

EfTEN sold in Tallinn an office building, which will become Forus House

EfTEN Kinnisvarafond AS sold an office building in Tallinn on Kadaka Road 63. The new owner is US Real Estate OÜ, a company that belongs to Urmas Sõõrumaa. The building’s new anchor tenant is Forus Grupp, which provides security and real estate maintenance services and also belongs to Sõõrumaa. The total area of the office building on the property is 9,200 square metres and the sale price was 8.25 million euros.

According to Viljar Arakas, CEO of EfTEN Capital, the investment in Kadaka’s 63 office buildings was productive for the fund as the return on invested equity exceeded 20 percent a year. “Definitely it was not the first sale of a building belonging to EfTEN Kinnisvarafond, and we will certainly continue with transactions in the future,” Arakas added. “The building is logistically in a convenient location – both for serving customers and for staff to go to work, and I believe there is a smart choice for the Forus Grupp,” he added.

Urmas Sõõrumaa, Chairman of the Supervisory Board and owner of US Real Estate and Forus Grupp, said that search for a decent head office for the recently established Forus Group has been going on for a while. “All companies and people come together in one building, so that the customer receives more extensive and versatile services. At the same time, when the employees feel more comfortable in their new home, I will be happier,” said Sõõrumaa.

Margus Nõlvak, Member of the Management Board of the Forus Grupp, said that the creation of the Forus House is based on the premise that the future workplace would be a comfortable, safe and modern environment for the best specialists in the field. “As we want to grow and achieve the ambitious goals of the coming years, we need to be even stronger as a team. The new building creates good preconditions for this,” added Nõlvak.

Forus Group will become the anchor tenant of the commercial property, by occupying almost 50% of the rented space of the office building. The remaining areas are divided between existing and new potential tenants. By the end of 2021, the interior of the building will undergo a thorough renovation in cooperation with interior architect Lilia Kristianson. For new tenants, rental spaces ranging from 15 to 600 square meters are available.

The property was sold by EfTEN SPV9 OÜ, a subsidiary of EfTEN Kinnisvarafond AS, and the buyer was Kadaka 63 OÜ, which belongs to the same group with US Real Estate OÜ. LHV Bank financed the transaction.