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Red and Sorainen Advise on Talinn Fund Exit

Estonia
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Red Attorneys-at-law has advised the EPI Baltic I real estate fund on the sale of 100% shareholding in subsidiary DLG Holding to Lepidus Invest, represented by Sorainen.

As a result of the sale, the De La Gardie building -- a 4-story building on Viru street in Tallinn’s Old Town, with leasable space of 2,139 square meters -- changed hands. The largest tenant in the De La Gardie Building is Lindex, one of the leading fashion chains in Northern Europe. The property had been acquired by EPI Baltic I in July 2006.

EPI Baltic I is managed by Northern Horizon Capital and Amplion Asset Management.  The transaction was financed on the buyer’s side by Nordea Bank's Estonian branch. “De La Gardie is a class-A building with a solid tenant base and good performance and as such we have been very satisfied to have it as part of our portfolio. The EPI Baltic I fund is in its exit phase and so we are happy to conclude another successful divestment in this process,” said Jussi Palmu, Fund Manager at NHC. 

The EPI Baltic I fund only has one property left for divestment: the Gedimino 20 retail/office building in Vilnius, Lithuania. “NHC will continue on the market as an active buyer through our Baltic Opportunity fund which is open also for new investors,” said Palmu.

EPI Baltic was advised by Catella Corporate Finance (property advisory) and RED Attorneys-at-law (legal advisory). Lepidus Invest was founded and advised by Zenith Capital Management (investment advisory) and Sorainen (legal advisory). Financing was provided by Nordea Bank AB Eesti filiaal. The Red team was led by Partner Ermo Kosk and Associate Rutt Vark.

 

 

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