OREANDA-NEWS. September 17, 2014. SORAINEN Estonia advised Rimi Eesti Food, a leading retailer in the Baltic States and a subsidiary of Swedish food retailing group ICA, in a sale-and-lease back transaction of its logistics centre and headquarters building to East Capital Baltic Property Fund II, managed by East Capital.

The total purchase price was EUR 13.4 million.

Ruth Laatre, the head of Rimi Baltics Real Estate, stated that the sale of the Juri logistics centre and headquarters building is part of a larger plan to restructure Rimi real estate holdings in the Baltics. The cash received will be used to finance enlargement of Rimi retail operations in the Baltics. She added that Rimi will sign long term lease agreements and will continue to use the premises.

SORAINEN advised on the bidding process, drafting transaction documents including the sale-and-lease agreements and negotiating with the purchaser/landlord. The transaction was complex as it involved a property held in co-ownership with a third party, and so requiring additional three-way negotiations and arrangements to facilitate division of the property.

The client was advised by partner Toomas Prangli, specialist counsel Urmas Volens, senior associate Paul Kunnap and associate Kaija Riismaa. The financial adviser of the transaction was Catella Corporate Finance.