Sorainen has advised Lords LB Baltic Fund IV in the acquisition of an office building in central Tallinn known as EU House.
According to Sorainen, "the transaction posed some unique challenges due to the fact that the property is structured as a building title and parts of the building remained under reconstruction during the transaction. Additionally, the transaction involved use of some instruments not previously used in similar transactions in Estonia."
The closed-end real estate fund Lords LB Baltic Fund IV, controlled by investment management company Lords LB Asset Management, invests in cash flow generating commercial real estate projects in the Baltic States. With an area of 9,670 square meters, the EU House office building in Tallinn is the third purchase by the fund since its foundation in 2015. The first object of the fund – the k29 office complex on Konstitucijos avenue, in Vilnius, opened its doors in 2015, and the fund increased its assets in March 2016 with the 200 room Comfort Hotel LT situated on Kaunas Street, Vilnius.
Sorainen's advice included performing legal due diligence, conducting negotiations, and carrying out closing. The firm's team was led by Co-Managing Partner Toomas Prangli and included Specialist Counsel Paul Kunnap, Assistant Britta Park, and Legal Assistant Kelli Eilart.
Sorainen did not reply to our inquiry about the identify of the sellers and their counsel.
