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EfTEN Capital to manage five commercial properties
EfTEN Capital entered into a management contract for the management of the commercial properties in the possession of AS Ärimaja and AS Logoner.
AS Ärimaja and AS Logoner own 5 commercial properties in Tallinn, which are encumbered with more than a hundred tenancy contracts, the company announced.
According to Tõnu Uustalu, the head of investments at EfTEN Capital, EfTEN is aimed at organising the tenancy relations of the clients and the provision of accounting and legal services. “It is a new type of product, in which real estate investors delegate a part of the service to a partner who has to find the most optimum solutions for landlords and tenants in the changed market situation. It is important to stress that EfTEN will not provide property management services. Our potential clients are passive real estate investors who wish to make their investments work in the current conditions as well,” Uustalu said.
As a result of the management contract, EfTEN will manage 19 different commercial buildings across Estonia.
According to Viljar Arakas, Chairman of Management Board of EfTEN Capital, the company is very conservative now when making its investments. “The contracts we have signed work well; we select new objects very carefully based on the environment. We forecast a growing market for the real estate management service. Different types of people have ended up investing in real estate and not all of them have dreamed of having to hold negotiations with tenants on the topic of price adjustment from dusk till dawn. The EfTEN team attempts to offer added value to clients on the basis of its knowledge,” Arakas said.