East Capital Real Estate sells 17,000 square-metre commercial property in Pärnu, Estonia, with Bauhof as anchor tenant
Fund Manager East Capital Real Estate has sold the Bauhof construction and gardening centre building on Papiniidu Street, in Pärnu, along with the adjacent office building. The deal covers a total area of over 17,000 square metres. The buildings were part of the East Capital Baltic Property Fund. The new owner of the buildings is AS Bigbank’s holding company.
Anchor tenant Bauhof has successfully operated its main outlet for Pärnu in this location since 2007. The store is also one of the key DIY stores in Pärnu. The adjacent 4-storey office building has mixed usage between office and retail, with the interior design stores Masku and Home4you as anchor tenants on the ground floor. The total area of leasable space of Bauhof and the business centre is 17,280 m2.
According to Martin Otsa, Investment Manager at East Capital Real Estate, the property is now a valuable asset to its previous and future investors due to its portfolio of strong and established tenants. “I would like to take this opportunity to thank all of our tenants for a long and positive cooperation, and congratulate Bigbank on the acquisition.” Otsa commented.
East Capital Real Estate acquired the then newly-completed centre in August 2007, and has managed and administrated the buildings to this day.
Providing advice on the seller’s side was Redgate Capital, in cooperation with Newsec Baltics, and with Ellex Raidla serving as legal advisor. Law Firm Walless advised the buyer on legal matters, and Projector advised the buyer on technical issues. The transaction price is confidential.