EfTEN Capital constructs new DEPO store in Jelgava.
EfTEN Real Estate Fund expanded Latvia’s real estate portfolio by acquiring a land plot in Jelgava city centre, where the fund is going to build DIY shopping center with the anchor tenant DEPO DIY.
According to Viktors Savins, the CEO of EfTEN Capital Latvia- the location speaks for itself. This is the best possible location in the city. This will be one tenant DIY shopping center. We have lease agreement in place. We have all necessary permissions to execute the project. Construction will start within few months.
The project is located in the city center on the main street across the river of Jelgava palace. The land plot size is 36000m2 and the construction will consist of 16000 m2 under the roof and 280 parking spaces.
EfTEN Real Estate Fund manager Viljar Arakas added: “Expanding our investment in Latvia is a strategic goal of the fund and we are happy to announce the launch of our fifth project in Latvia”. The expected investment volume of the project will be 7,5 million euros.
Depo DIY is the largest DIY type shopping center company in Latvia with 152 millions euro in turnover. It has 9 similar type centers across Latvia.
EfTEN Capital SIA was jointly established in April 2013 by two founders- “EfTEN Capital” AS from Estonia and “NEWCOM” SIA, marking EfTEN Capital's expansion into Latvian market. This is sixth property under EfTEN Capital management in Latvia.
EfTEN Capital AS, established in 2008, the company has the alternative fund management licence issued by Estonian Financial Supervision Authority. Through the companies belonging to the group, EfTEN Capital manages 41 commercial properties with the market value of 320 million euros in Estonia and Latvia; the properties have more than 500 lessees.
SIA NEWCOM is majority shareholder in the companies involved in real estate development, construction and property management business in Latvia. SIA Newcom group daughter company SIA Newcom Development, later merged with Prime Capital, was established in August 2012 as acquiring company in reorganization of SIA Arco Development – Estonian Arco Vara AS subsidiary in Latvia.