EfTEN Kinnisvarafond news
EfTEN starts with the construction of a shopping center in Viljandi
EfTEN Kinnisvarafond starts the construction of a new shopping center worth EUR 5 million with anchor tenant RIMI hypermarket in the heart of Viljandi.
According to the joint announcement of EfTEN Capital and RIMI Eesti Food AS a shopping mall of 7000m2 will be built by the end of 2012 on the former location of Viljandi juvenile detention center.
According to Viljar Arakas, chairman of the board of EfTEN Capital, the new shopping center will have 5300m2 of rentable area distributed between about twenty lessees. “RIMI hypermarket will serve as the key tenant of the new shopping center. There will also be sporting goods and electronic equipment re-sellers, cafeterias, a pharmacy and several other service providers expanding the number of goods and services offered to customers and providing possibilities to spend time“, says Arakas.
To find a suitable name for the new shopping center a competition will be announced shortly. The architect of the new building is Urmas Muru from the Muru ja Pere Arhitektuuribüroo, chosen through a jointly held architectural competition by Viljandi municipality and Eften Kinnisvarafond. The contractor of the building is AS Tesman, a contracting company from Saaremaa, who will subcontract local collaboration partners.
Andres Lorentzon, chief executive officer of Rimi, was pleased that Rimi has the opportunity to expand in Viljandi. “So far, the reception has been very warm and we believe that with good customer service and larger assortment Rimi is welcomed by the people of Viljandi“, adds Lorentzon.
The new shopping center will provide employment to circa 70 locals and the tightening competition will surely benefit all consumers, said Lorentzon. Lorentzon wanted to note that the currently operating successful Rimi supermarket in Centrum will also stay open to please its Viljandi customers.
EfTEN Kinnisvarafond AS is a real estate fund founded by EfTEN Capital in 2008, which invests in business property. The fund’s business property investments are Premia Foods central warehouse in Tallinn, K-Rauta in Võru, commercial building at Ülikooli 6a in Tartu city center, Lepa shopping center in Pärnu, Rakvere Police HQ; and commercial buildings Lõkke 4, A.Lauteri 5 and Narva road 59 in Tallinn. The new Viljandi shopping center is the fund’s ninth investment.
RIMI Eesti Food AS stores belong to Rimi Baltic AB store chain based on Swedish capital and owned by sole proprietor ICA Baltic AB which belongs to the ICA Group. Rimi Baltic AB operates in total 235 stores in the Baltic states; including 39 hypermarkets (10 of which located in Estonia), 63 supermarkets (12 of which located in Estonia) and 133 budget stores (59 Säästumarket stores in Estonia).
Additional information:
Viljar Arakas
EfTEN Capital AS
CEO
E-mail: [email protected]
Katrin Bats
Rimi Eesti Food AS
Media Specialist
GSM: +372 51 67 833