Copenhagen-headquartered Baltic Property Trust said it had acquired an office building in the Estonian capital Tallinn for an undisclosed sum. The property, which is known as the Marat'building, is scheduled to under a renovation of its facade, while two additional stories will be built along with parking facilities.
Copenhagen-headquartered Baltic Property Trust said it had acquired an office building in the Estonian capital Tallinn for an undisclosed sum. The property, which is known as the Marat'building, is scheduled to under a renovation of its facade, while two additional stories will be built along with parking facilities.
'There is great potential in this property, BPT Estonia country manager Indrek Haal said in a statement.Despite its location next to the central business district of Tallinn and the arterial Tartu road, the rent prices are considerably lower compared to the average levels in the city centre. The property is fully leased although new tenants are being sought for the space that should be added to the building.
Baltic Property Trust is the largest institutional investor in commercial real estate in the Baltic Sea region, with a total investment capacity of more than EUR 1bn.
