{"id":1050,"date":"2013-02-20T11:05:45","date_gmt":"2013-02-20T09:05:45","guid":{"rendered":"http:\/\/olga\/eften\/cms\/news\/eften-real-estate-fund-acquires-hotel-palace-in-tallinn\/"},"modified":"2015-12-01T11:38:35","modified_gmt":"2015-12-01T09:38:35","slug":"eften-real-estate-fund-acquires-hotel-palace-in-tallinn","status":"publish","type":"post","link":"https:\/\/eften.ee\/en\/eften-kinnisvarafond-news\/eften-real-estate-fund-acquires-hotel-palace-in-tallinn\/","title":{"rendered":"EfTEN Real Estate Fund acquires hotel Palace in Tallinn"},"content":{"rendered":"<p><strong>EfTEN Real Estate Fund and Vello Kunman\u2019s AS Esraven purchased the property and operator of hotel Palace, situated at Tallinn Freedom Square, as a joint investment from Scandic Hotels AB.<\/strong><\/p>\n<p>Viljar Arakas, the CEO of EfTEN Capital, considers the investment unique. \u201cHotel Palace is an icon with its long history and unique location. Yet the last thorough renovation dates back to almost a quarter of a century and the life cycle of utility systems is reaching its final end. At this stage the hotel cannot be competitive in today\u2019s market and needs full renovation. Our plan is to completely reconstruct and reopen hotel Palace is its former glory,\u201d Arakas said.<\/p>\n<p>EfTEN Real Estate Fund acquired the property and operator of hotel Palace with investor Esraven AS, part of Silikaat Group. Both parties have agreed to invest 50% of the full cost of the project. EfTEN Real Estate Fund and Silikaat Group have prior good cooperation experience with a joint investment in P\u00e4rnu \u2013 the Lepa Centre. Also, Vello Kunman is an investor at EfTEN Real Estate Fund and partner in the fund manager EfTEN Capital AS. The deal will close after obtaining an approval from Estonian Competition Authority. The volume of the deal remains confidential. Keystone Advisers as well as Nordeus law office acted as buy-side advisor for the sales transaction and Nordic Hotels Consulting and PwC Legal as sell-side advisor.<\/p>\n<p>Hotel Palace is located in the heart of Tallinn at Vabaduse v\u00e4ljak 3 \/ P\u00e4rnu mnt 14. The building was built in 1937 and was already initially constructed as a hotel. The last full renovation of the building took place in 1989.<\/p>\n<p>The acquisition marks the 15th object in EfTEN Real Estate Fund\u2019s portfolio, with a total 83 000 m2 of rental area, divided into office, service, accommodation, warehousing and public sector of property.<\/p>\n<p>EfTEN Real Estate Fund is established by EfTEN Capital AS, the fund manager, in year 2008. The fund invests in commercial real estate properties; a portfolio of commercial real estate has a total of 15 objects. EfTEN Capital AS is an asset management company founded in 2008, specialising in real estate investments. EfTEN Capital is licensed as a fund manager by Estonian FSA. The company also offers private portfolio management.<\/p>\n<p>For further information, please contact:<\/p>\n<p>Viljar Arakas, CEO, Eften Capital, tel +372 50 87 508, e-mail: viljar.arakas@eften.ee<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EfTEN Real Estate Fund and Vello Kunman\u2019s AS Esraven purchased the property and operator of hotel Palace, situated at Tallinn Freedom Square, as a joint investment from Scandic Hotels AB. Viljar Arakas, the CEO of EfTEN Capital, considers the investment unique. \u201cHotel Palace is an icon with its long history and unique location. Yet the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[],"class_list":["post-1050","post","type-post","status-publish","format-standard","hentry","category-eften-kinnisvarafond-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EfTEN Real Estate Fund acquires hotel Palace in Tallinn &#8212; EfTEN Capital<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eften.ee\/en\/eften-kinnisvarafond-news\/eften-real-estate-fund-acquires-hotel-palace-in-tallinn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EfTEN Real Estate Fund acquires hotel Palace in Tallinn &#8212; EfTEN Capital\" \/>\n<meta property=\"og:description\" content=\"EfTEN Real Estate Fund and Vello Kunman\u2019s AS Esraven purchased the property and operator of hotel Palace, situated at Tallinn Freedom Square, as a joint investment from Scandic Hotels AB. Viljar Arakas, the CEO of EfTEN Capital, considers the investment unique. \u201cHotel Palace is an icon with its long history and unique location. 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