EfTEN Tahesaju Tee OU, a subsidiary of the EfTEN Real Estate Fund, has finalized its sale of a property located at Tahesaju 5 in the Tahesaju retail park in Lasnamae, Tallinn, to AS Kinnisvara Info.
The sale was first announced in mid-August. According to EfTEN Capital, “the preconditions for the closing of the transaction set forth in the sale contract under the law of obligations of the property have been fulfilled, [and] possession of the property has been transferred to AS Kinnisvara Info.”
The property was sold for EUR 4.675 million, which — according to EfTEN Capital, is 7% below the book value. The fund will receive a total of 2 million euros from the transaction, which will be used for new investments. According to EfTEN Capital, “despite the unstable payment behavior of the tenant of the Tahesaju property, the fund earned approximately 300 thousand euros in net cash flow from the investment since it was made in 2018.”
Image source: Tahesaju.ee