A subsidiary of EfTEN Real Estate Fund AS sold a property in the Tähesaju commercial area
15 August 2024 - 3:00PM
UK Regulatory
A subsidiary of EfTEN Real Estate Fund AS sold a property in the
Tähesaju commercial area
The 100% subsidiary of the fund, EfTEN Tähesaju
tee OÜ, signed on 13.08.2024 with Kinnisvara Info AS agreement
under the law of obligations and sold the property located at
Tähesaju 5 in the Tähesaju retail park in Lasnamäe, Tallinn, at a
price that does not significantly differ from the property's last
balance sheet value. The transaction is planned to be completed on
16.09.2024. AS Kinnisvara Info acquires the property for its own
use with the aim of using the building as a Konverter Furnishing
Center. The parties have agreed that the terms of the transaction
will be confidential. The transaction is not considered to be
significant according to the section "Requirements for issuers" of
the rules and regulations of the NASDAQ Tallinn Stock
Exchange.
At the same time, a lease termination agreement
was signed with the previous tenant of the property - AS Hortes,
according to which AS Hortes will cease operations in the Tähesaju
on 13.09.2024.
After the July 2024 stock exchange announcement of the termination
of Hortes' lease, several new tenants appeared for the Tähesaju 5
property. After a thorough consideration of the alternatives, the
management board of the fund decided that from the investors' point
of view, the best decision is to sell the property to a new end
user and reinvest the proceeds in new commercial real estate
projects. The book value of this property is 1.3% of the total
volume of consolidated real estate investments of EfTEN Real Estate
Fund AS.
Viljar Arakas
Member of the Management Board
Phone 655 9515
Email: viljar.arakas@eften.ee