Market announcement
EfTEN Real Estate Fund AS
LEI code
4851000008JBI71L7643
Size of the entity
Medium group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Management company
Country of registered office
Estonia
General information
Categories
Other corporate action
Unique data record identifier
8399
Attachments
Submission date and time
23.11.2020 08:00:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS-i tütarettevõtja asutamine ja Pirita pansionaadi ostuga hooldekodude segmenti sisenemine
Message
EfTEN Real Estate Fund III AS-i tütarettevõtja EfTEN SPV19 OÜ allkirjastas võlaõigusliku ostulepingu Tallinnas Hunditubaka tee 12 / Karukella tee 5 asuva kinnistu omandamiseks OÜ-lt Arca Varahaldus. 2020. aasta lõpus valmib kinnistul hooldekodu, mis antakse pikaajalisele üürile Pirita Kodu OÜ-le. Tegu on esimese hooldekoduga fondi portfellis. ?Pirita pansionaadiga siseneb EfTEN selge tulevikuperspektiiviga valdkonda, kuna vajadus hoolekandeteenuste järele kasvab pidevalt. Meil on hea meel, et teeme oma esimese tehingu pansionaadiga, mis on uhiuus ja asub suurepärases kohas Tallinna ja ümbruskonna klientide jaoks," ütles EfTEN Real Estate Fund III AS-i juhatuse liige Viljar Arakas. Pirita pansionaadi ehitustööd algasid 2019. aasta sügisel ning viiakse lõpule käesoleva aasta detsembris. Pansionaadi kinnistu asub Pirita jõe ürgoru ning uue elurajooni lähedal. Kinnistu suurus on 13 270 m(2). Kogu ehitatava hoone pindala on ca 6 000 m(2). Pansionaadis saavad olema kohad 250 kliendile. Lisaks hakatakse hoone eraldi osas osutama teraapiateenuseid nii eakatele kui ka lastele, kuna on olemas spetsiaalsed ruumid kahe basseiniga, et viia läbi võimlemise, jooga, vesivõimlemise jt seansse. Pirita pansionaati hakkab opereerima Pirita Kodu OÜ, kellega sõlmiti üürileping 10 aastaks, võimalusega pikendada seda 10 aasta võrra. Üürnik alustab üüri tasumist alates 1. aprillist 2021 ning käivitusperioodil suureneb üür järk- järgult, saavutades täismahu alates 1. jaanuarist 2022. Tehingu hind käibemaksuta on 6,2 miljonit eurot ning poole sellest moodustab investeering fondi omakapitali ja teise poole, s.o 3,1 miljonit eurot, EfTEN SPV19 OÜ võetav laen. Tehingut finantseerib Swedbank. Tehingu rahaline maht moodustab 4% fondi tänasest varade mahust. Esimese täistegevuse aasta pangafinantseeringu võimenduseta üüritulu tootlus on 7% aastas. Tehingu lõpule viimiseks on vajalik Eesti Konkurentsiameti nõusolek, misjärel sõlmitakse kinnistu omandi üleandmiseks asjaõigusleping. Kuna EfTEN Real Estate Fund III AS on täies mahus eelnevalt investeerinud eelmistes aktsiaemissioonides kaasatud omakapitali, laenab fondi emaettevõtja tehinguks vajaliku omakapitali sildfinantseeringuna Swedbankist kogusummas 3,1 miljonit eurot. Vastav laen makstakse tagasi 2021. aasta kevadel korraldavast aktsiaemissioonist laekuvate vahendite arvelt. Aktsiaemissiooni täpse mahu ja muud ärilised tingimused otsustab fondi juhtkond 2021. aasta esimese kvartali lõpuks ning esitab vastava ettepaneku korralisele aktsionäride üldkoosolekule kinnitamiseks. Kokku kuulub EfTEN Real Estate Fund III AS-i investeerimisportfelli tehingu järgselt 15 objekti: lisaks Pirita pansionaadile DSV logistikakeskused Tallinnas, Riias ja Vilniuses, ABC Motors AS-i müügi- ja teeninduskeskus Tallinnas, Hortese aianduskeskus Laagris ning Tähesaju Hortese aianduskeskus Lasnamäel, Laagri Selver Tallinnas, Piepilsetase logistikakeskus ning airBalticu peakontor Riias, ärikeskus Evolution Vilniuses, Saul?s Miestase kaubanduskeskus Shiauliais ning kolm büroohoonet Vilniuses: Laisves 3, Ulon? ja Rutkausko. EfTEN Real Estate Fund III AS-i portfellist moodustavad enne tehingut 37% kaubanduspinnad, 35% büroohooned ja 28% logistika- ja tootmispinnad. Riikide lõikes on portfellist Leedus 60%, Eestis 23% ja Lätis 17%. Tehingu järgselt on jaotus järgmine: 35% kaubanduspinnad, 34% büroohooned, 27% logistika- ja tootmispinnad ning 4% hooldekodud; riikide lõikes on portfellist Leedus 57%, Eestis 26% ja Lätis 17%. Kinnistu omandanud EfTEN SPV19 OÜ on Eesti Vabariigis asutatud 100%-line fondi tütarettevõtja. EfTEN SPV19 OÜ juhatuse liikmed on Viljar Arakas ja Tõnu Uustalu. Osaühingul ei ole nõukogu. Tütarettevõtja asutamine ei ole käsitletav olulise osaluse omandamisena NASDAQ OMX Tallinna Börsi reglemendi osa "Nõuded Emitentidele" tähenduses. EfTEN Real Estate Fund III AS-i nõukogu ja juhatuse liikmed ei ole tehingust muul viisil isiklikult huvitatud. EfTEN Real Estate Fund III AS on 2015. aastal asutatud Balti riikide ärikinnisvarasse investeeriv alternatiivne kinnisvarafond, mille aktsiad on alates 01.12.2017 noteeritud Nasdaq Balti põhinimekirjas. Fondi vara valitseb fondivalitseja EfTEN Capital AS, mis tegutseb Finantsinspektsiooni järelevalve all. EfTEN Capital AS valitseb lisaks EfTEN Kinnisvarafond AS-i, EfTEN Kinnisvarafond II AS-i ning usaldusfonde PEFoF, EfTEN Residential Fund ja EfTEN Real Estate Fund 4. EfTEN Capitali grupp (EfTEN Capital AS koos tütarettevõtjatega) valitseb 50 ärihoonet, kus tegutseb 1200 üürnikku. Valitsetavate hoonete turuväärtus on ligikaudu 750 miljonit eurot. Viljar Arakas juhatuse liige Tel. 655 9515 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
Founding of a subsidiary of EfTEN Real Estate Fund III AS and entering the aged care home segment with the acquisition of Pirita Pansionaat
Message
EfTEN SPV19 OÜ, a subsidiary of EfTEN Real Estate Fund III AS, signed a contract under the law of obligations to acquire a property located at Hunditubaka tee 12 / Karukella tee 5 in Tallinn from OÜ Arca Varahaldus. By the end of 2020, the construction of an aged care home will be completed in the property and it will be given to a long-term rent to Pirita Kodu OÜ. It will be the first aged care home in the fund's portfolio. ?With Pirita Pansionaat, EfTEN enters a segment with clear future outlook, because the demand for care services is facing a continuous growth. We are glad that the first transaction concerns a home that is brand-new and can be found at a perfect location for clients from Tallinn and its surroundings", said Viljar Arakas, Member of the Management Board of EfTEN Real Estate Fund III AS. The construction works of the Pirita Pansionaat started in the autumn 2019 and will be completed in December this year. The aged care home's property is located close to the Pirita River and a new residential area. The size of the property is 13,270 sq m. The total area of the building under the construction is about 6,000 sq m. The home will have beds for 250 clients. In addition, in a separate section of the building, therapy services will be provided as well for the elderly as for the children, with two special rooms with pools, for conducting sessions of gymnastics, yoga, water gymnastics, etc. Pirita Kodu OÜ will operate the Pirita Pansionaat, based on a signed rental agreement for 10 years, with an option to prolong it for another 10 years. The tenant will start making the rental payments from 1 April 2021 and during the launch period the rental fee will gradually increase, reaching the full amount as of 1 January 2022. The price of the transaction without VAT is 6.2 million euros and half of it is an investment in the fund's equity and the other half - 3.1 million euros - a loan taken by EfTEN SPV19 OÜ. The transaction is financed by Swedbank. The financial volume of the transaction makes up 4% of the fund's current assets. The yield on non-leveraged rental income for the first full year of operation is 7% per annum. In order to complete the transaction, a consent of the Estonian Competition Authority is required, after which a real right contract will be singed for the transfer of ownership of the property. As EfTEN Real Estate Fund III AS has previously fully invested the equity raised in the previous share issues, the parent company of the fund will lend the equity required for the transaction, as a bridge financing from Swedbank in the total amount of 3.1 million euros. The respective loan will be repaid with the proceeds from the share issue to be organized in the spring of 2021. The exact volume of the share issue and other commercial terms will be decided by the management of the fund by the end of the first quarter of 2021 and a corresponding proposal will be submitted to the Annual General Meeting for approval. After the acquisition, the fund's investment portfolio encompasses 15 properties: in addition to Pirita Pansionaat, DSV logistics centres in Tallinn, Riga and Vilnius, a sales and service centre of ABC Motors in Tallinn, two Hortes garden centres and Laagri Selver retail centre in Tallinn, Piepilsetas Logistics Centre and airBaltic headquarters in Riga, Evolution business centre, Saul?s Miestas retail centre in Shiauliai, as well as three office buildings in Vilnius: Laisves 3, Ulon? and Rutkausko. Before the transaction, in the EfTEN Real Estate Fund III AS portfolio retail properties constitute 37%, office buildings 35%, and logistics and manufacturing spaces 28%. Across the countries, 60% of the fund's portfolio is in Lithuania, followed by Estonia (23%) and Latvia (17%). After the transaction, retail properties constitute 35%, office buildings 34%, logistics and manufacturing spaces 27% and aged care homes 4%; by countries 57% of the fund's portfolio is in Lithuania, followed by Estonia (26%) and Latvia (17%). EfTEN SPV19 OÜ that acquired the property is a 100% subsidiary founded in the Republic of Estonia. The Management Board Members of EfTEN SPV19 OÜ are Viljar Arakas and Tõnu Uustalu. The private limited company does not have a Supervisory Board. The foundation of a subsidiary is not considered to be the purchase of significant share for the purposes of the "Requirements for Issuers" section of the Rules of NASDAQ OMX Tallinn Stock Exchange. Members of the Council and the Management Board of EfTEN Real Estate Fund III AS also have no other personal interest in the transaction. EfTEN Real Estate Fund III AS is an alternative investment fund founded in 2015, which is listed in Nasdaq Baltic Main List from December 01, 2017. The fund's assets are managed by EfTEN Capital AS, an asset management company, regulated by the Estonian Financial Supervision Authority. The company is also managing EfTEN Kinnisvarafond AS, EfTEN Kinnisvarafond II AS and limited partnership funds PEFoF, EdTEN Residential Fund and EfTEN Real Estate Fund 4. EfTEN Capital group of companies (EfTEN Capital AS with its subsidiaries) manages 50 commercial real estate buildings where over 1,200 tenants are operating. Total market value of the real estate assets under management is about 750 million euros. Viljar Arakas CEO Phone 655 9515 E-mail: [email protected] (mailto:[email protected])