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EfTEN Real Estate Fund AS acquired the Magistral shopping center
EfTEN Real Estate Fund AS acquired the Magistral shopping center from EfTEN Kinnisvarafond II AS.
In connection with the expiration of the term of EfTEN Kinnisvarafond II AS, EfTEN Kinnisvarafond II AS sold the 100% holding in Magistral Kaubanduskeskuse OÜ to EfTEN Real Estate Fund AS. The acquisition of the asset from another fund managed by the same fund manager was carried out in accordance with the conditions set out in the Investment Funds Act, and the fund’s shareholders had previously granted the management board the corresponding authorisations at the general meeting held on 07.04.2026.
The basis for determining the fair value of the sale price of the company’s holding was the value of the real estate owned by the company at €31,690,000, as valued as of the end of May by Colliers International Advisors OÜ. The sale price of the holding was confirmed by the supervisory boards of both funds, and the entry yield of the asset acquisition is approximately 8.1%. The Magistral shopping center is the third-largest single investment in the EfTEN Real Estate Fund AS portfolio, after the Saules Miestas and Mustika shopping centers. Through the acquisition of the Magistral shopping center, the fund’s real estate investment portfolio increase by 8%, exceeding the €400 million threshold, and the annual net rental income increases by approximately €2.5 million.
The business activity of Magistral Kaubanduskeskuse OÜ consists of operating the Magistral shopping center, located in the Mustamäe district of Tallinn. The centre is situated in the middle of a densely populated residential area and holds a strong position as a community service provider. The center was opened in 2000 and was expanded in 2012. Currently, 98.5% of the leasable area is rented out, and 72 tenants operate in the center.
Magistral Kaubanduskeskuse OÜ (registry code 11228717) is a private limited company established in the Republic of Estonia, whose management board members are Viljar Arakas and Tõnu Uustalu. No changes to the management board took place in the course of the transaction. The private limited company has no supervisory board. The acquisition of the private limited company is not considered as the acquisition of a significant holding within the meaning of the Tallinn Stock Exchange Rules. The members of the fund’s supervisory board and management board have no personal interests in the transaction.