Millerhawk, an investment firm based on Estonian capital, has signed an agreement to acquire a portfolio of four major commercial buildings from Swedish investor Sobra Arikeskus OU, putting the properties, initially developed by Estonians, back in the hands of a local owner.
Financial details were not disclosed.
The portfolio has a total area of 14,300 square meters and covers Bauhof stores in the Estonian communities of Haapsalu, Kuressaare, and Valga, and one A1000 retail chain building in Voru. All the properties are fully let on long-term leases.
“This portfolio isn’t just another investment – it’s part of the comeback of our real estate story,” said Marko Kull, member of the Millerhawk management board. “Estonian investors developed these buildings, the Swedes kept them for 15 years and now we’re bringing them back under Estonian management. We have all the necessary expertise to modernize these buildings and add more value.”
According to Millerhawk, “the deal is made even more significant by the fact that the Bauhof brand is owned by Vilniaus Prekyba, the largest retail group in the Baltic region, which also owns the Maxima chain.”
“The strong profile of the portfolio fits well with our long-term strategy of investing in stable, revenue-generating assets in the Baltics,” added Kull. “Life and business are also developing outside Harju County – these are buildings with clear development potential, both physically and commercially.”
Millerhawk received investment advice from Colliers Baltics and legal advice from the Walless law firm. Coop Bank was involved as the financial partner.
