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Baltic Horizon Fund to acquire retail asset in Estonia for €34M


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Baltic Horizon Fund to acquire retail asset in Estonia for €34M

Baltic Horizon Fund agreed to acquire the Postimaja Shopping Centre at Narva Rd. 1 in Tallinn, Estonia, from Osaühing Letona Properties.

The fund will pay about €34.4 million at closing for the property, which is next to Coca-Cola Plaza, already owned by the company.

The acquisition yield for the total purchase price is expected to be about 5.4%.

With a total leasable area of 9,141 square meters, the asset is anchored mainly by Rimi, H&M, New Yorker, Estonian Post and MyFitness.

Baltic has hired an architecture firm to expand the shopping center and link it with the neighboring Coca-Cola Plaza.

As part of the agreement, CA i Estland AB, an affiliate of the seller, will purchase €2.35 million worth of Baltic's units, which will be issued shortly after the completion of the transaction.