Baltic Horizon Fund closed the acquisition with Linstow AS to aquire 100% shares
of Tampere Invest SIA, which owns Galerija Centrs Shopping Centre in the heart
of Riga. The purchase price is EUR 75 million, which corresponds to an estimated
entry yield of approximately 6,7%.
The Galerija Centrs property is located on Audeju Street 16, 1050 in Riga Old
Town, next to the National Opera. As a block of Old Town, the 5-floor property
complex consists of two buildings connected with a passage of glass roofed
arcade. Originally opened as Army Department Store in 1938, the high street
retail centre was last refurbished in 2006 with an added extension. The net
leasable area of the property is 20,073 m2 . The anchor tenants include H&M,
RIMI, Massimo Dutti, Douglas, Lindex, Esprit, Gant, Marc O'Polo, Max Mara
Weekend and others. The fifth floor houses a healthcare centre, a beauty salon
and a fitness club.
As part of the transaction, Linstow AS, has agreed to subscribe for Baltic
Horizon Fund units for the amount of EUR 4 million. The management company is
undertaking to arrange private placement of new fund units, the number of which
is equal to the subscription amount divided by the latest net asset value per
fund unit preceding the subscription. The issuance and listing of new units is
expected to take place in July 2019.
For additional information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com
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www.baltichorizon.com
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Baltic Horizon Fund is a registered contractual public closed-end real estate
fund managed by Alternative Investment Fund Manager license holder Northern
Horizon Capital AS.
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