COBALT advised AS Gildhall on sale of Marienthal commercial centre in Tallinn

COBALT advised the real estate investment company AS Gildhall on the sale of the Marienthal commercial centre in Tallinn to the closed-end real estate fund EfTEN Kinnisvarafond II AS. The value of the deal is undisclosed, and the transaction will be finalised in the second quarter of 2018, following approval from the Estonian Competition Authority.

The property built in 2008 includes 13,426 square meters of leasable area with 26 strong long-term tenants, among them anchor tenants Coca-Cola, Fujitsu and Selver.

AS Gildhall, established in 2001, is a Tallinn based real estate investment company owned by Norwegian investors, developing, buying, selling and renting out commercial property.

EfTEN Kinnisvarafond II AS is a closed-end real estate fund established in 2015. The fund is managed by EfTEN Capital AS, an asset management company specialising in commercial real estate investments in the Baltic States.

Our work comprised advising the seller during the entire transaction, including preparations for the sale, structuring the transaction, preparing and negotiating transaction documents. The COBALT team included partners Aivar Taro and Egon Talur, senior associate Lembit Tedder, associate Karli Kütt, and assistant lawyer Helen Sool.