Fort Legal has advised Eften Kinnisvarafond II AS, the closed-end core real estate fund of Eften Capital, in its acquisition of the Marienthal commercial center in Tallinn. The seller, real estate investment company AS Gildhall, was advised by Cobalt Estonia.
The transaction is expected to be finalized in the second quarter of 2018, following approval from Estonian Competition Authority.
The deal value was not disclosed, but following this transaction, the total volume of the assets of Eften Kinnisvarafond II AS would exceed EUR 250 million, making it, according to Fort, the largest commercial real estate fund in the Baltics.
Marienthal, built in 2008, has 13,426 square meter of leasable area and houses with 26 long-term tenants, including anchor tenants Coca-Cola, Fujitsu, and Selver.
AS Gildhall, established in 2001, is a Tallinn-based real estate investment company owned by Norwegian investors that develops, buys, sells, and rents out commercial property.
Eften Kinnisvarafond II AS is a closed-end real estate fund established in 2015. The fund is managed by Eften Capital AS, an asset management company specializing in commercial real estate investments in the Baltic States. In a press release, Eften Real Estate Fund II fund manager Viljar Arakas said: “Marienthal center is built and maintained to the highest standard and is very well-known locally. It was a strategic decision to increase the share of office properties in our second fund portfolio and Marienthal is a perfect fit.”
Fort’s team included Partner Minni-Triin Park, Senior Associate Margus Koiva, and Lawyer Karl Kahm.
The Cobalt team consisted of Partners Aivar Taro and Egon Talur, Senior Associate Lembit Tedder, Associate Karli Kutt, and Assistant Lawyer Helen Sool.