Last year, EfTEN Ermi OÜ, a 100% subsidiary of EfTEN Real Estate Fund AS, in
cooperation with the operator Tartu Südamekodu OÜ and the construction company
Tartu Ehitus AS, started the construction of a 120-bed elderly care home on the
land used under building rights at 13 Ermi Street in Tila Village, Tartu County.
The construction was completed on time, and the construction company handed over
the work of phase I: the full building frame of the entire elderly care home and
the interior works of the first and second blocks.
Tartu Südamekodu OÜ will start providing elderly care home services to customers
from August 2024. The total cost of the works was 5.3 million euros, plus VAT.
In line with previous plans, internal construction of the third block will be
carried out after the first and second blocks have started. According to the
rental agreement, the rental yield on the investment to the fund has been agreed
at 8.1%.
At the same time, EfTEN Valkla OÜ, a 100% subsidiary of EfTEN Real Estate Fund
AS, signed a contract for construction works with OÜ Geromint, who made the best
offer for the renovation of the C-block of the Valkla elderly care home.
Renovation will start on the site in mid-August. The tender for choosing the
construction company was carried out in cooperation with Valkla Südamekodu OÜ,
which is the operator of the Valkla elderly care home. The planned completion of
the renovation works is in December 2024. The total cost of the project is
approx. 950,000 euros, plus VAT.
Viljar Arakas
Member of the Management Board
Pone 655 9515
Email: viljar.arakas@eften.ee
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