Ellex Raidla has advised Swedish real estate investor CA Fastigheter AB on the sale of the Postimaja Shopping Center to the Baltic Horizon Fund.
Closing of the acquisition is dependent on a merger clearance from the Estonian Competition Authority.
Postimaja — a modern shopping center located in the heart of Tallinn — has a current leasable area is 9,141 square meters. The anchor tenants are Rimi, H&M, New Yorker, Eesti Post, and MyFitness.
According to a Baltic Horizon press release, "the rounded total purchase price to be paid at closing is EUR 34.4 million (+ VAT), whereas the management company has allocated EUR 30.8 million to be paid for the existing cash flow from Postimaja, and EUR 3.6 million to be paid for the potential additional cash flow deriving from the possible extension."
The Ellex Raidla team was led by Partner Ermo Kosk, supported by Senior Associate Sandra Vark, Associate Kerstin Jurgenson, and Counsel Toomas Kasesalu.
Editor’s note: After this article was published, Cobalt announced that it had advised Baltic Horizon Fund on the transaction. The firm's team included Partners Aivar Taro and Elo Tamm, Senior Associate Raul Keba, and Associates Kris Tammistu and Mart Blondal.