On 27.09.2024 EfTEN Paemurru OÜ, a subsidiary of the EfTEN Real Estate Fund AS, signed a contract under law of obligation with Teearu Arenduse OÜ, a member of the RESTATE group, for the acquisition of a property located on Paemurru tee 3, Laabi village, Harju County, Harku Municipality, near Tallinn.
In cooperation with Eventus Ehitus OÜ, the fund will construct an ICONFIT production, trade and warehouse building on the property. Eventus Ehitus OÜ started construction in July 2024, and completion of the building is planned by the end of April 2025. The investment is financed from the fund’s equity and from the loan agreement to be signed with AS SEB Pank. Completion of the purchase transaction is planned by the end of this year at the latest. Total investment of the fund will be 5.9 million euros plus VAT.
The tenant of the property is ICONFIT (European Foods OÜ), the leading sports, diet and healthy food manufacturer in the Baltic States, who will after the completion of the building use the entire building under a long-term (10-year) lease.
EfTEN Paemurru OÜ is a 100% subsidiary of EfTEN Real Estate Fund AS. It is established in the Republic of Estonia with the share capital of 2,500 euros. Viljar Arakas and Tõnu Uustalu are members of the management board of the private limited company. The company does not have a supervisory board. The establishment of a subsidiary cannot be considered as the acquisition of a significant share within the meaning of the Tallinn Stock Exchange regulations. The members of the fund’s supervisory board and management board have no personal economic interest in the transaction in any other way.
