Baltic Property Trust's closed-end real estate fund Optima has acquired an office building located in the centre of Tallinn, Estonia, for an undisclosed amount. The property, which is known as the Marat building, is set to undergo a façade renovation, as well as the addition of two floors and a new parking lot. The property has a gross area of 21,000 m[sup]2[/sup] and is fully leased.
Baltic Property Trust's closed-end real estate fund Optima has acquired an office building located in the centre of Tallinn, Estonia, for an undisclosed amount. The property, which is known as the Marat building, is set to undergo a façade renovation, as well as the addition of two floors and a new parking lot. The property has a gross area of 21,000 m2 and is fully leased.
'There is great potential in this property. Despite its location next to the central business district of Tallinn, the rental levels are considerably lower than the average levels in the city centre,' said Indrek Haal, country manager of BPT Estonia. 'There is an option to build two additional floors on top of the property providing future tenants with fantastic views over the central business district.'
Established in 2001, BPT is a leading institutional investor in commercial real estate in the Baltic Sea region with a total investment capacity of EUR 1bn.
