EfTEN Real Estate Fund Completes Sale of Tähesaju Property
EfTEN Tähesaju OÜ Concludes Property Sale
EfTEN Tähesaju OÜ has successfully completed the sale of its property located at Tähesaju 5, nestled within the busy Tähesaju retail park in a vibrant area of Tallinn. This transaction was made with AS Kinnisvara Info, marking a significant change for the company's investment portfolio.
Details of the Transaction
The finalized deal comes after the initial announcement regarding the sale contract was made, which included detailed legal obligations. With all preconditions met, the property has now officially changed hands. EfTEN Tähesaju OÜ has sold the property for approximately 4.675 million euros, which is about 7% less than its recorded book value.
Financial Implications for EfTEN
From this transaction, EfTEN Real Estate Fund AS is set to receive around 2 million euros. These funds are earmarked for new investment opportunities aimed at further enhancing the company's portfolio. Despite some challenges regarding the tenant's payment consistency, the fund managed to generate close to 300 thousand euros in net cash flow from this investment since it was acquired in 2018.
Impacts and Future Outlook
As EfTEN Real Estate Fund AS navigates the next steps post-sale, the focus will likely shift toward optimizing other investments and potentially identifying new ones. This sale signifies a proactive approach to asset management, ensuring the fund remains agile in a fluctuating market.
Strategic Initiatives
Going forward, EfTEN's strategy will involve leveraging the funds from this property sale to pursue projects that align with the company's growth aspirations. Investors and stakeholders can expect a careful analysis of emerging opportunities that can complement the existing portfolio and generate sustainable returns.
Contact Information
For more insights or inquiries regarding this transaction, Viljar Arakas serves as a point of contact. He is the Member of the Management Board and can be reached directly at phone number 655 9515 or through email at viljar.arakas@eften.ee.
Frequently Asked Questions
1. What property did EfTEN Tähesaju OÜ sell?
EfTEN Tähesaju OÜ sold its property located at Tähesaju 5 in the Tähesaju retail park.
2. Who bought the Tähesaju property?
The property was purchased by AS Kinnisvara Info.
3. How much was the property sold for?
It was sold for approximately 4.675 million euros, which was below the book value.
4. What will EfTEN do with the money from the sale?
The funds will be used for new investments to enhance the company’s portfolio and growth potential.
5. Who can I contact for more information?
Viljar Arakas, the Member of the Management Board, is the contact person and can be reached at phone number 655 9515 or via email.
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