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EfTEN with a group of Estonian investors acquires Kristiine Centre in Tallinn
Today EfTEN ABC4 OÜ, uniting several Estonian investors, signed with the Finnish listed company Citycon Oyj an agreement, to acquire Kristiine Centre in Tallinn.
The new owner company of Kristiine Centre belongs to Ivar Vendelin, Anders Anderson, Taavet Hinrikus, Kristjan Rahu, Priit Koit, Toonart Rääsk, EfTEN Real Estate Fund 5, Tõnu Uustalu and Viljar Arakas. EfTEN Real Estate Fund 5 is the largest single investment of the EfTEN United Property Fund, listed in the stock exchange, which means that close to 6,000 Estonian retail investors will become co-owners of the shopping centre.
A special asset management company, as a partnership of EfTEN Capital, Ivar Vendelin and Anders Anderson, will manage the centre. Everyday operations of running the centre will be the responsibility of EfTEN.
„With Estonian investors, Kristiine Centre will get a strong owner, for whom it’s not just another investment, but as residents of Tallinn we perceive higher responsibility for the development of a vital location in central Tallinn. Kristiine Centre is a very well-known brand and enjoys high popularity, with six million visitors per year. The acquisition of Kristiine Centre is one of major transactions in 2024, which confirms that Estonian investors are continuously ready to contribute”, said Viljar Arakas, Chairman of the Management Board of EfTEN Capital.
“We can see a market situation where Estonian capital has opportunities and courage to acquire companies of importance for Estonia. Good to see that a group of respected investors was quickly set up and I’m confident that it would not remain our last step. I’m glad that a thought, which popped up early in the summer during a conversation with the good friend Viljar at Niitvälja golf course, has come to successful fruition”, said Ivar Vendelin, investor and partner of the founded asset management company.
EfTEN ABC4 OÜ and Citycon Oyj signed a binding agreement, and the transaction is planned to be closed before the end of 2024, after the proceedings of the Competition Authority have been completed.
A syndicate consisting of SEB bank and Swedbank finances the transaction. RASK Attorneys-at-Law advises the buyer.
Kristiine Centre is one of Estonia’s most known shopping centres, with 45,300 square metres of gross leasable area on two floors. The centre was opened in 1999 and underwent a complete renovation in 2019. Approximately 120 shops, service points and eateries can be found in Kristiine Centre. The anchor tenants are Prisma, H&M, Sportland, Reserved, Rademar, Apollo, O’Learys, New Yorker and Jysk.