EfTEN Real Estate Fund 4 has acquired the office block “Jaunā Teika” from Hanner Group in Riga for 131 million euros, which is EfTEN’s largest transaction so far and the second largest real estate transaction in the history of Latvia, company representatives informed the portal “Delfi” .
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This transaction is the largest in the history of EfTEN Capital.
The business center “Jaunā Teika” consists of four office buildings, three of which – “Ausma”, “Teodors” and “Henrihs” were built in 2016, and one – “Valters” already in 2009. The office building complex has a leasable area of approximately 59,000 square meters and has a total of 1,102 parking spaces, of which 973 are located in two multi-level parking buildings.
“The change of ownership of” Jaunā Teika “, which is so far the largest office space and the second largest real estate transaction in the history of Latvia, clearly confirms EfTEN’s ambitions and presence in the Latvian real estate market. “Jaunā Teika” is truly a strategically important property in Riga, “adds Viktors Savins, Chairman of EfTEN Capital Latvia.
“Jaunā Teika” is located in the VEFRESH district of Riga, which has historically been and still is the home of technology companies in Latvia. The complex is a 10-15 minute drive from the historic center of Riga.
“We highly value EfTEN as a partner in this Baltic countries in the important transaction. Hanner has been in the real estate business for over 25 years and can be proud of its extensive experience in office building development. Extensive knowledge and constant improvements in the office quarter was what allowed us to conclude the largest office transaction with EfTEN in the Latvian real estate market, “said Arvīdas Avulis, Chairman of the Board of Hanner.
“Jaunā Teika” office complex currently has about 50 tenants, including financial services companies “DNB Bank”, “Bigbank“and” Intrum “, insurers” Gjensidige “and”BTA“, IT companies” TietoEVRY “and”Accenture“, the cooperating company” Teikums “, the chemical companies” Cabot “and” Solvay “and others.
Transaction AdvisedColliers International“investment team and finance”SEB“. The transaction is expected to be completed in December 2021, after receiving the necessary approval from the Latvian Competition Supervisory Council.
With the acquisition of Jaunā Teika, EfTEN Real Estate Fund 4’s investment portfolio includes a total of eight real estate properties, including Kadriorg Business Center in Tallinn, Dominante and Bergi Logistics Centers in Riga, Arginta Logistics Center in Vilnius, and a shopping center in Vilnius. “River Mall” / business center “River Hall” in Kaunas, shopping center “RYO” in Panevezys and SBA logistics and production center in Klaipeda.
EfTEN Real Estate Fund 4 is a ten-year closed-end fund intended for institutional investors and invests in cash-generating commercial real estate in the Baltics. The fund’s assets are managed by EfTEN Capital AS, an asset management company supervised by the Estonian Financial Supervisory Authority.
The EfTEN Capital group of companies (EfTEN Capital AS and its subsidiaries) manages a total of 56 commercial real estate buildings with more than 1,200 tenants. The total market value of the managed real estate is approximately 800 million euros.
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