EfTEN makes its largest single investment in Latvia
EfTEN Real Estate Fund II acquired from Catella Real Estate AG an A-class office building, Duntes Biroji, located in 6 Duntes street Riga, Latvia. It is seventh investment in Latvia managed by EfTEN Capital Latvia.
Built in 2007 by MERKS (Merko group), a leading construction company in Baltics, Duntes Biroji is one of the best office buildings in the Riga CBD area. The office builing with high-end architecture and construction quality boasts 18000 sq.m. in a good and visible location.
Building is well maintained and it has good technical infrastructure. The property's tenants include, internationally recognized corporations, such as Statoil, Samsung, Premier Capital (McDonalds), LHV Bank, Royal Canin, Takeda and others.
In 2008 Duntes Biroji, designed by the acclaimed Finnish architect Tuomo Siitonen, won in Riga the prize of the Best Office Building. Due to the modulus principle, the office room planning can be easily applied to the needs of individual tenants. The office building is a two-parts building with seven floors, a spacious glass atrium and harmonious environment. The property has 344 parking places.
EfTEN Capital Latvia CEO Viktors Savins: “We are proud that second EfTEN Real Estate Fund II investment is made in Latvia. This is a great addition to our real estate portfolio. It was challenging to satisfy investors expectations for the next investment after Radisson Blu transaction earlier this year.”
Duntes Biroji is EfTEN’s largest single investment in Latvia so far. Due to the confidentiality clause the transaction price cannot be disclosed. SEB bank Latvia financed the acquisition
EfTEN Capital SIA was jointly established in April 2013 by two founders- “EfTEN Capital” AS from Estonia and “NEWCOM” SIA, marking EfTEN Capital expansion into Latvian market. This is seventh 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 350 million euros in Estonia and Latvia; the properties have more than 600 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.