COBALT counselled the developers of Mustamäe Centre in the sale of the leisure and shopping centre with the most modern multiplex of the Baltics that will be opened by Tammsaare road in Tallinn, to East Capital Baltic Property Fund II, a real estate fund managed by East Capital. The parties have agreed not to disclose the value of the transaction.
Madis Raidma, the CEO of East Capital Real Estate said in a comment given to Majandus24 that it was an attractive investment and a substantial addition to the real estate portfolio of East Capital which today amounts to more than 300 million euros in the Baltics, comprising 250 000 square meters and 500 lessees. Hannes Raag, a member of the management board of Mustamäe Centre, added that the given transaction was special due to the fact that an international fund would purchase real estate that did not even have a cornerstone yet at the moment. The construction of the centre is financed by Swedbank.
From COBALT, the client was counselled by partner Aivar Taro and associate Erki Parik.
Our assignment comprised counselling the client in the course of the entire transaction.