EfTEN Real Estate Fund news
Subsidiary of EfTEN Real Estate Fund AS finalized the sale of a property in the Tähesaju commercial area
EfTEN Tähesaju tee OÜ finalized the transaction by which the company sold the property located at Tähesaju 5 in the Tähesaju retail park in Lasnamäe, Tallinn to the AS Kinnisvara Info.
Earlier, (i.e. 15.08.2024), the fund announced about the sale contract under law of obligations of the property. The preconditions for the closing of the transaction set forth in the sale contract under law of obligations of the property have been fulfilled, including the possession of the property has been transferred to the AS Kinnisvara Info.
EfTEN Tähesaju OÜ, the subsidiary of EfTEN Real Estate Fund AS sold the property for 4,675 thousand euros, i.e. 7% below the book value. The fund will receive a total of 2 million euros from the transaction, which will be used for new investments. Despite the unstable payment behavior of the tenant of the Tähesaju property, the fund earned ca 300 thousand euros in net cash flow from the investment since it was made in 2018.