EfTEN ABC4 OÜ, owned by Estonian investors, today signed an agreement with the Finnish stock exchange company Citycon Oyj to purchase the Kristiine shopping center, according to a press release.
The shareholders of the new company owner of Kristiine are Ivar Wendelin, Anders Anderson, Taavet Hinrikus, Christian Rahu, Priit Koit, Tonart Rääsk, EfTEN Real Estate Fund 5, Tõnu Uustalu and Viljar Arakas. EfTEN Real Estate Fund 5 is the largest investment of the listed EfTEN United Property Fund, which will also bring almost 6,000 Estonian retail investors into ownership of the shopping centre.
The center will be managed by a separate asset management company, whose partners are EfTEN Capital, Ivar Wendelin and Anders Anderson. The day-to-day management of Kristiine will be entrusted to EfTEN.
“Kristiine will receive a strong owner in the form of Estonian investors, for whom this project is not just another investment. As residents of Tallinn, we feel a special responsibility for the development of the most important city center. It is a well-known brand and a popular destination with 6 million visitors annually. The acquisition of Kristiine is one of the largest transactions of 2024 and confirms that Estonian capital is ready to continue investing,” said Viljar Arakas, Chairman of the Board of EfTEN Capital.
“Now there is a situation on the market where Estonian capital has the opportunity and courage to acquire objects that are significant for the country. It’s nice that a solid group of investors has formed so quickly, and I’m sure this is not our last step. I am very glad that the idea that Villar and I had at the beginning of summer at the golf course in Niitvälja has been successfully implemented,” said Ivar Wendelin, an investor and partner of the new management company.
EfTEN ABC4 OÜ and Citycon Oyj have signed a binding agreement, and the completion of the transaction is planned before the end of 2024 after completion of the procedure with the Competition Department.
The deal is financed by a consortium of SEB and Swedbank. The buyer is advised by the RASK law firm.
Kristiine is one of the most famous shopping centers in Estonia with a leasable area of 45,300 square meters on two floors. Opened in 1999, the center underwent renovation in 2019. Kristiine has approximately 120 retail and service businesses, as well as restaurants. Major tenants include Prisma, H&M, Sportland, Reserved, Rademar, Apollo, O’Learys, New Yorker and Jysk.
Source: www.dv.ee
