East Capital acquires Rimi Eesti Food AS logistics centre and headquarters building
Ruth Laatre, head of Rimi Baltics Real Estate, commented:
“The sale of the Jüri logistics center and headquarters building is part of a larger plan to restructure Rimi Real Estate Holdings in the Baltics. The cash received will be used to finance the enlargement of Rimi’s retail operations in the Baltics. Rimi will sign long-term lease agreements and will continue to use the premises.”
Madis Raidma, East Capital Real Estate CEO added:
“Through the sale-leaseback transaction East Capital Baltic Property Fund II not only acquired the property, but also secured long term occupancy, as Rimi will continue to rent via a long-term lease agreement. This makes the transaction a great addition to our portfolio. The long-term lease contract ensures stable cash flow and attractive yield for the investors. With the current transaction, East Capital’s portfolio of warehouses and production buildings in Estonia increases to 80,000 square metres and 20 lessees.“
”The Baltic real estate market is an important and interesting market for East Capital. We definitely plan to look into expanding in the real estate sector and at the same time be a good partner for our lessees and banks who fund our projects”, Raidma added.
East Capital Baltic Property Fund II was founded in 2012 and invests in commercial real estate in the Baltics. Today the Fund has investments in all three Baltic capitals.
The transaction was advised by Catella Corporate Finance. The legal advisers were law firm Raidla Lejins & Norcous (advisor to East Capital) and law firm Sorainen (advisor to Rimi Estonia).
