EfTEN Real Estate Fund 4 will acquire Kadrioru Ärikeskus, a business center in Tallinn
A subsidiary of EfTEN Real Estate Fund 4, closed-end real estate fund investing in commercial properties, signed a contract under the law of obligations for acquiring the business center Kadrioru Ärikeskus from the company Pirita Tee Development OÜ.
Situated in Tallinn, Kadrioru Ärikeskus is a complex of four buildings completed in 2016, with all of its 6,600 sq m commercial space being rented out currently. There are 116 places in the underground parking garage and the property’s closed net area amounts to about 11,200 sq m. Citadele Group, Hurtigruten and Vienna Insurance Group are the largest tenants of the business center.
“Kadrioru Ärikeskus as a compact, well accessible and modern property fits well as the first asset in the portfolio of EfTEN Real Estate Fund 4. New buildings of proper quality and with strong tenant composition are promising good yields for the fund”, said Viljar Arakas, CEO of EfTEN Capital AS.
Pirita Tee Development OÜ decided to sell the business center because the development project has been completed by now. The seller was advised by BPT Real Estate AS.
The transaction price is not disclosed according to an agreement between the parties. The transaction will be finalized after an approval of the Estonian Competition Authority.