COBALT advised Corum Origin in the acquisition of ELKO Group headquarters office

COBALT advised Corum Origin, a fund managed by Corum Asset Management, on the sale and leaseback transaction of ELKO Group headquarters office and warehouse for EUR 14.6 million. The property has a total GLA of 9,350 sqm. The triple-net lease agreement is entered for the term of 15 years.

Our work included advising the client throughout the process, including carrying out legal due diligence, drafting sales and purchase agreement, lease agreement and negotiating transaction documents.

COBALT team included Managing Partner and Head of Real Estate Practice Group Dace Silava-Tomsone, Partner Toms Šulmanis, Senior Associate Elīna Ločmele and Associate Juta Meimere.

Corum is an independent asset management company, registered in France, which invests in real estate located in Europe (15 countries). The total assets under management of Corum are ca. EUR 2 billion as of the end of 2018. The acquisition of ELKO’s headquarters office is the first investment in Latvia for Corum, and the second investment in the Baltics.

COBALT advised CORUM also in its first transaction in the Baltics acquiring Prisma shopping centre located in Narva, Estonia.

ELKO Group is one of the largest companies in the Baltics and one of the leading distributors of IT products, solutions and consumer electronics in Central and Eastern Europe. Revenue of ELKO Group exceeded EUR 1.4 billion in 2017.