EfTEN Hargmae OU, a wholly-owned subsidiary of EfTEN Real Estate Fund AS, has acquired properties in Tallinn on which a newly constructed business and logistics building is located for EUR 8.8 million, plus VAT.
The properties are located at Hargmae st 8 and Piimamehe st 7 in Tallinn. According to EfTEN Hargmae, EUR 500,000 of the total sale price was paid on September 19, when the contract was signed, with the remaining part to be “paid at the conclusion of the real rights contract.” The acquisition of the properties is financed from the fund’s equity capital, which was generated from a recent sale of a property at the Tahesaju retail park (as reported by CEE Real Estate Matters on September 18, 2024)and a loan from Swedbank AS. The transaction is scheduled to close by the end of October.
The properties will be used by the ELP Logistics OU logistics company under a long-term lease agreement of 10+5 years.