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EfTEN Real Estate Fund news

Starting of construction of the “Tartu Südamekodu” elderly care home in Tartu County

EfTEN Ermi OÜ, a subsidiary of EfTEN Real Estate Fund AS, in cooperation with Tartu Südamekodu OÜ, carried out a construction procurement for the construction of a 120-bed elderly care home “Tartu Südamekodu” on the land used under right of superficies at 13 Ermi Street in Tila Village, Tartu Municipality, Tartu County.

The best offer was made by Tartu Ehitus AS, with whom the construction contract for the construction of the first phase was signed on 17.07.2023. The construction of the elderly care home will be built in two phases. In the first phase, the entire building frame of the entire elderly care home and the interior work of the first and second blocks will be built. The internal work of the third block is planned to construct in phase II after the first and second blocks have started, unless otherwise will be agreed upon during the construction work.  The planned date of completion of the phase I is July 2024.  The total value of the contract of phase I is approximately 5.3 million euros, plus VAT.

Earlier, on 29.04.2022, the fund announced to the stock exchange the acquisition of building rights and the conclusion of a lease agreement, on the basis of which the elderly care home will be leased by Tartu Südamekodu OÜ, a subsidiary of Südamekodud AS, for a long term (10 + 10 years after the completion of the  elderly care home under construction). The tenant starts paying the rent from the completion of the first phase of the elderly care home.

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