CA Fastigheter AB has today, via a subsidiary, signed a sales contract regarding the Shopping Mall “Postimaja”, Narva Mnt 1, in the very center of Tallinn, Estonia. The buyer is Baltic Horizon Fund.
The parties did agree on both signing and closing as of today but, due Estonian regulation, the Estonian Competitian Authority has to give its merger clearance to the transaction. Closing will instead occur by latest in February 2018.
CA Fastigheter AB acquired the property in 2010. Originally the property was erected as the HQ of Estii Post. By the time of acquisition the property were more or less evacuated. During the following years the property were totally reconstructed and developed into a modern Shopping Mall with a total GLA of approx. 9 000 sqm.
The grand opening took place in 2013 with anchor tenants like for example RIMI and H&M.
CA Fastigheter AB´s real estate portfolio in Tallinn is after this sale consisting of a couple of office and industrial properties.
”This sale is in line with our strategy of property development after which we either place it in our own property portfolio or put it for sale. In this case we chose the latter although the property has the very best of locations and therefor probably has a good chance of future increase in value”, says CA Fastigheter AB´s CEO Johan Damne.
”We are glad to again have proven that yet another development project has created substantial value add for the CA Group”, Johan Damne continues.
”We are convinced that we have found the perfect buyer, Baltic Horizon, due to their potential of merging this property with their adjacent property ”Coca Cola Plaza” and thereby enabling further development. Our future presence in the Tallinn market has now to be considered. Whether we would like to increase our portfolio in Tallinn or focus on other markets is too early to tell”, says Andreas Claesson, Head of Estonia for CA Fastigheter AB.
For more information, please visit www.cafastigheter.se or contact
Johan Damne, CEO CA Fastigheter AB, telephone +46705860330 or
Andreas Claesson, Head of Estonia, telephone +46705662202