First Vicus Divestment of Estonian Retail Property
OREANDA-NEWS. March 20, 2013. SORAINEN Estonia advised Vicus, a Finnish real estate development and investment company, in its divestment of retail property in Narva, Estonia. The 13 361 m2 premises with 350 parking lots is leased to Prisma, which operates one of the biggest hypermarkets in Eastern Estonia on the property.
„Since 2009 we have developed three hypermarkets for Prisma in Narva, Tartu and Riga. Our first real estate development in Vilnius is currently ongoing. The sale of the immovable in Narva is our first divestment which proves that the strategy chosen by us has been successful. We are satisfied with the results of the project as we started in 2009, during the deepest recession”, commented Risto Hiekka, managing director of management company Vicus Capital Advisors.
The buyer, EfTEN Kinnisvarafond, is a real estate fund founded in 2008 by management company EfTEN Capital, which invests in business property.
SORAINEN advice included preparing and providing data room services, drafting transaction documents and assistance in negotiations. The client was advised by partner Kaido Loor and senior associate Paul Kunnap.
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