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EfTEN Real Estate Fund 4 news

EfTEN Real Estate Fund 4 and Hanner concluded €131m transaction for Jaunā Teika offices, a landmark in Riga

EfTEN Real Estate Fund 4 acquired from Hanner Group Jaunā Teika office campus in Riga for €131m, which is EfTEN’s largest acquisition to date.

“With Jaunā Teika, a landmark in Riga’s office landscape will join EfTEN’s portfolio. We highly appreciate Hanner Group’s professionalism in developing this property and concluding the transaction, which has, due to its size, a special significance for the fund. Namely the transaction is the largest in EfTEN Capital’s history,” said Viljar Arakas, CEO of EfTEN Capital AS.

“As a second largest real estate transaction and the largest office deal ever in history of Latvia, Jaunā Teika acquisition confirms EfTEN’s willingness to bet in size on Latvia property market. With its strategic location in the corner of Austrumu maģistrāle, which expansion is currently under construction, and Brīvības street, Jaunā Teika truly is a strategic landmark property in Riga,” Viktors Savins chairman of EfTEN Capital Latvia added.

Jaunā Teika is located in Riga’s VEFRESH area that has historically been and still is the home of technology enterprises in Latvia. The area is located within a 10-15 minute drive to Riga’s historical city center.

“We value very much EfTEN as a partner in the important deal in Baltic countries. Hanner is active in the real estate development more than 25 years with very extensive experience in office buildings development. Vast knowledge and constant improvements of office campus developments allowed us to make largest office deal in Latvian real estate market with EfTEN” commented Arvydas Avulis chairman of the Board of Hanner.

“Jaunā Teika district is a great community of more than 6000 likeminded people who have chosen to work or live here, or visit the contemporary amenities this district provides. We highly value each and every individual who has helped us build this city within a city and are happy to welcome EfTEN as a part of this amazing family. With EfTEN taking care of the office buildings, Jaunā Teika team will keep on providing the established lifestyle in our co-working spaces Teikums, state of art conference centre Fantadroms, first design fitness centre SQUAD Hour and many other,” said Mindaugas Valuckas, manager of Jaunā Teika.

The campus consists of four office buildings, of which Ausma, Teodors and Henrihs were completed after 2016 and Valters in 2009. Gross leasable area of the campus is about 59,000 sq m and the area has 1,102 parking spaces, of which 973 are located in two multi-level parking houses.

About 50 tenants are located in Jaunā Teika buildings, including financial services companies DNB Bank, BIGBANK and Intrum, insurers Gjensidige and BTA, IT companies TietoEVRY and Accenture, co-working company Teikums, chemical companies Cabot and Solvay and many more.

The transaction was advised by Colliers Baltic investment team and financed by SEB. The transaction is expected to be closed in December 2021 after acquiring necessary approval from Latvian Competition Authority.

After the acquisition, eight properties are in the EfTEN Real Estate Fund 4 investment portfolio, including Kadrioru business centre in Tallinn, Dominante and Berģi logistics centres in Riga, Arginta logistics centre in Vilnius, River Mall shopping centre/River Hall business centre in Kaunas, RYO Shopping centre in Panevėžys and SBA logistics and production site in Klaipėda.

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