East Capital Baltic Property Fund II has announced the finalization of the acquisition of Mustamae Keskus in Tallinn.
The full details of the deal will remain closed until the closing date of the agreement has been reached.
This center is located in a busy area in Tallinn and will become an important addition to the real estate portfolio of the Fund. Emphasis will be placed on leisure and entertainment in the center. One of its attractions will be a modern multiplex cinema.
The Fund was initiated during 2012 and its main business is in the investment of commercial real estate across the Baltic region. East Capital is in control of real estate assets to the value of almost €300m, measuring around 250000m², with more than 500 leaseholders.
According to the management board of Mustamae Keskus, this is a very special deal whereby an international fund is buying property where the corner stone has not yet been placed. The main target of the board is to provide the new owners with a center, including good tenants, by the end of this year. Construction plans are on schedule and binding agreements are in place for 95% of the area to be leased.
The project is due to be finalized by December 2015, with an overall construction area of 21000 sqm, of which 13500m² is leasable. Some of the top tenants to move into the center include MyFitness, Apollo multiplex cinema, Rimi and a host of cafes and restaurants.