COBALT advised Pirita Tee Development OÜ on the sale of Kadrioru Ärikeskus in Tallinn to EfTEN

COBALT advised real estate management company Pirita Tee Development OÜ on the sale of Kadrioru Ärikeskus (Kadriorg’s Business Centre) in Tallinn to the closed-end real estate fund EfTEN Real Estate Fund 4. The value of the deal is undisclosed. The transaction will be finalised after an approval of the Estonian Competition Authority.

Kadrioru Ärikeskus, situated in Tallinn, is a complex of four buildings completed in 2016, with all of its 6,600 sq m of commercial space currently being rented out. The largest tenants of the business centre are Citadele Group, Hurtigruten and Vienna Insurance Group.

Pirita Tee Development OÜ, established in 2010, is a Tallinn based real estate management company.

EfTEN Real Estate Find 4 is a closed-end real estate fund designed for institutional investors that is investing in cash flow generating commercial real estate properties in the Baltics.

Our work comprised advising the seller during the entire transaction, including assisting with organisation of the due diligence process and preparing and negotiating transaction documents. The COBALT’s team included partners Aivar Taro and Liina Linsi, senior associate Karli Kütt, and assistant lawyer Helen Sool.