EfTEN United Property Fund invests 2.5 million euros (ca 9% of fund AUM) in EfTEN Real Estate Fund 5 aimed at institutional investors. The latter acquires Kristiine shopping centre in Tallinn.
Kristiine keskus is one of the best-known shopping centers in Estonia, with 45,300 square meters of leasable area on two floors. Opened in 1999, the center underwent renovation in 2019. Around 120 trade and service tenants and eateries operate in the Kristiine center. The center’s anchor tenants are Prisma, H&M, Sportland, Reserved, Rademar, Apollo, O’Learys, New Yorker and Jysk.
The transaction is expected to be completed before the 2024 year-end and is dependent on a positive decision from the Competition Authority. After the transaction the EfTEN United Property Fund is basically fully invested.
As the investment is to another fund managed by the EfTEN Capital AS, the EfTEN United Property Fund does not charge a management fee on the investment in line with its fund terms and conditions.
