Northern Horizon Capital’s EPI Baltic I-fund has completed the sale of the prominent retail property De La Gardie in Tallinn, Estonia. The buyer is an Estonian investment company Lepidus Invest OÜ.
Located on one of the city’s busiest shopping street De La Gardie on Viru Street is a prime retail property within the heart of Tallinn’s Old Town.
The 4-storey building is 2,139 sqm in leasable size with most of the premises being leased by Lindex, one of the leading fashion chains in Northern Europe. The property was acquired in July 2006 into the EPI Baltic I real estate fund.
“De La Gardie is a class-A building with a solid tenant base and good performance and as such we have been very satisfied to have it as part of our portfolio. The EPI Baltic I fund is in its exit phase and so we are happy to conclude another successful divestment in this process,” said Jussi Palmu, Fund Manager at NHC.
The EPI Baltic I fund only has one property left for divestment, the Gedimino 20 retail/office building in Vilnius, Lithuania. “NHC will continue on the market as an active buyer through our Baltic Opportunity
fund which is open also for new investors,” he concluded.
EPI Baltic I Oy is a property fund managed by Northern Horizon Capital as fund manager and Amplion Asset Management as co-manager. In the sale EPI Baltic was advised by Catella Corporate Finance (property advisory) and RED Attorneys-at-law (legal advisory). Lepidus Invest OÜ was founded and advised by multifamily office Zenith Capital Management OÜ (investment advisory) and Sorainen (legal advisory). Financing was provided by Nordea Bank AB Eesti filiaal.