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Ettevõte EfTEN Real Estate Fund III AS
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Avaldamise aeg 13 jaan 2020 08:00:00 +0200
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Pealkiri EfTEN Real Estate Fund III AS will acquire headquarters building of Air Baltic located in Riga Airport as well as production and storage facility located in Kekava near Riga
Tekst
On  January  10, 2020, EfTEN  Real  Estate  Fund  III  AS  (the  Fund) concluded
conditional  purchase agreements to acquire  headquarters building of Air Baltic
located  in Riga Airport as  well as production and  storage facility located in
Kekava  near Riga. With the  transaction the Fund  will purchase 100% holding in
the  2 following companies  owning real  estate corresponding  to the investment
principles of the Fund from New Hanza Capital AS:

 1. NHC 1 SIA with a share capital of EUR 500 000, owning commercial building
    located at Tehnikas 3, Riga Airport, Marupes district, Republic of Latvia.
    Building belonging to the company is located on the land, for which the
    right of superficies exist, belonging to Riga Airport (VAS 'Starptautiska
    Lidosta 'Riga''). The building was completed in 1977 and fully renovated in
    2016. The total surface area of the building is 6 556.4 m² and it is wholly
    occupied by Air Baltic group under the fixed term rent agreement valid until
    2026. There are 77 parking places on the registered immovable.
 2. NHC 3 SIA with a share capital of EUR 700 000, owning a registered immovable
    located at Krustkalni, Kekava municipality, Kekava district, Republic of
    Latvia. The production and storage facility located on the registered
    immovable was completed in 2007. The surface area of the building is
    14 129.9 m². There are 123 parking places on the registered immovable. 99%
    of the building is rented out.

The  total cost of the transactions is  approximately EUR 15.8 million, of which EUR
7.2 million  will be financed  by Swedbank and  Luminor. Taking into account the
large  amount  of  uninvested  capital  of  EfTEN  Real  Estate Fund III AS, the
management  decided  to  use  the  higher  equity  ratio than usually. The total
unleveraged  initial yield of the two projects is 7.5% annually. Considering the
indexing  of fixed rental rate,  net yield will increase  by 8% over three years
compared  to the acquisition  price. The transactions  should be completed after
the  pre-conditions of agreements have been met,  but not later than on February
28, 2020.

The  monetary amount of the  transaction with NHC 1 SIA  will comprise 5% of the
current  volume of assets of the Fund and the monetary amount of the transaction
with  NHC 3 SIA will comprise 7% of the current volume of assets of the Fund and
the  acquisitions do not  constitute acquisition of  a qualifying holding in the
meaning of the rules and regulations of Nasdaq Tallinn. The transactions also do
not  constitute  transactions  with  associated  person  and  the members of the
Council  and the Management Board  of the Fund are  not personally interested in
the transactions in any other ways.

Viljar Arakas
Member of the Management Board
Phone 655 9515
E-mail: viljar.arakas@eften.ee