With the purchase of this property, the object “Jaunā Teika”, which is important in the landscape of the Riga office market, will join the EfTEN portfolio. We appreciate the professionalism of the Hanner Group in developing this property and concluding this very important deal with us. Namely, this transaction is the largest in the history of EfTEN Capital, “said Viljar Arakas, CEO of EfTEN Capital.
The business center “Jaunā Teika” consists of four office buildings, three of which – Ausma, Teodors and Henrihs were built in 2016, but 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 by 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. With its strategic location at the crossroads between Brīvības Street and the Eastern Highway, which is currently being expanded, Jaunā Teika is truly a strategically important property in Rīga, ”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 important transaction in the Baltics. Hanner has been in the real estate business for over 25 years and can be proud of his extensive experience in office building development. Extensive knowledge and constant improvements of the office quarter was what allowed us to conclude the largest office transaction in the Latvian real estate market with EfTEN, ”said Arvydas Avulis, Chairman of the Board of Hanner.
The New 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, partner company Teikums, chemical companies Cabot and Solvay and others.
The “New Teika” district of Riga is a great community that unites more than 6,000 like-minded people who have chosen to work, live or otherwise use the modern opportunities offered by this district. We appreciate everyone who has helped us build this city in the city, and we are happy to welcome EfTEN as part of this inspiring family. EfTEN takes care of office buildings, the “Jaunā Teika” team will continue to provide the lifestyle established here in our co-working premises Teikums, the modern conference center Fantadroms, the first design fitness center SQUAD Hour and many others, “says Mindaugas Valuckas, the head of” Jaunā Teika “.
The transaction was advised by Colliers International’s investment team and financed by 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 Panevėžys 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 investing 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 company also manages EfTEN Real Estate Fund III AS, EfTEN Kinnisvarafond AS, EfTEN Kinnisvarafond II AS, EfTEN United Property Fund and limited partnership funds PEFoF and EfTEN Residential Fund. 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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