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Cobalt Advises Pirita Tee Development on Sale of Kadrioru Arikeskus in Tallinn to EfTEN

Cobalt Advises Pirita Tee Development on Sale of Kadrioru Arikeskus in Tallinn to EfTEN

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Cobalt Estonia has advised real estate management company Pirita Tee Development OU on the sale of Kadrioru Arikeskus, Kadriorg’s business center in Tallinn, to EfTEN Real Estate Fund 4.

The value of the deal was not disclosed. The transaction is contingent upon the approval of the Estonian Competition Authority.

Kadrioru Arikeskus, situated in Tallinn, is a complex of four buildings that was completed in 2016, with all of its 6,600 square meters of commercial space currently rented out. The largest tenants of the business center are the Citadele Group, Hurtigruten, and Vienna Insurance Group.

Established in 2010, Pirita Tee Development OU is a Tallinn-based real estate management company.

EfTEN Real Estate Find 4 is a closed-end real estate fund designed for institutional investors that is investing in cash flow-generating commercial real estate properties in the Baltics.

The Cobalt's team included Partners Aivar Taro and Liina Linsi, Senior Associate Karli Kutt, and Assistant Lawyer Helen Sool. 

Cobalt did not reply to our inquiries about the deal.

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