EfTEN Hereby Expands Assets by Acquiring Logistics Properties
EfTEN Härgmäe OÜ's New Acquisition
EfTEN Härgmäe OÜ, a subsidiary of EfTEN Real Estate Fund AS, is making significant moves in the logistics sector. Recently, they entered into a contract with Conus Assets OÜ to acquire prime properties situated on Härgmäe and Piimamehe streets in Tallinn. The transaction is valued at €8,800,000, plus VAT, marking a strategic addition to their portfolio.
Details of the Purchase Agreement
The purchase contract is structured under the law of obligations, with an initial payment of €500,000 made at the contract's conclusion. The remaining balance will be settled after the formalization of the real rights contract. This acquisition will be financed using equity capital from the fund, which was bolstered by the recent sale of the Tähesaju property, alongside a loan agreement anticipated with Swedbank AS.
Utilization of the Newly Acquired Properties
The properties acquired will serve as a logistical hub for ELP Logistics OÜ. They will operate under a long-term lease agreement spanning 15 years, ensuring stability and continuity in their logistics operations. This aligns well with the growing demands in the logistics industry, particularly in urban areas.
Company Overview and Key Personnel
EfTEN Härgmäe OÜ is a fully owned subsidiary of EfTEN Real Estate Fund AS, established in Estonia with a modest share capital of €2,500. The management team includes Viljar Arakas and Tõnu Uustalu, underlining a strong leadership base. Notably, there is no supervisory board overseeing the operations, which allows for more agile decision-making.
No Significant Impact on the Market
While the establishment of this subsidiary is noteworthy, it does not constitute the acquisition of a significant share as defined by the Tallinn Stock Exchange regulations. Furthermore, members of the fund's supervisory and management boards maintain no personal economic interests linked to this transaction, ensuring transparency and integrity throughout.
Contact Information
For further inquiries, you can reach out to Viljar Arakas, a member of the board, at Tel. 655 9515. Additionally, he can be contacted via email at viljar.arakas@eften.ee.
Frequently Asked Questions
What properties has EfTEN Härgmäe OÜ acquired?
EfTEN Härgmäe OÜ acquired properties on Härgmäe st 8 and Piimamehe st 7 in Tallinn.
What is the total cost of the acquisition?
The acquisition cost of the properties is €8,800,000 plus VAT.
How will the acquisition be financed?
The purchase will be financed through equity capital from previous sales and a loan agreement with Swedbank AS.
What future plans does ELP Logistics OÜ have for the properties?
ELP Logistics OÜ plans to use the properties under a long-term lease agreement for their logistics operations.
Who are the members of EfTEN Härgmäe OÜ's management?
The management board includes Viljar Arakas and Tõnu Uustalu, ensuring effective leadership for the subsidiary.
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