East Capital acquires 50% of Avec Asset Management

Stockholm-based East Capital said on Monday that it has acquired the 50% stake it didn't already own in Avec Asset Management from its joint venture partner Arco Vara. Founded in 2005, Avec manages two real estate funds with a total value of EUR 200mln - Avec Baltic Property Fund and Arco Baltic Real Estate Portfolio. The funds invest across the spectrum of commercial property segments in Estonian, Latvian and Lithuania.

'Our joint venture cooperation since 2005 with Arco Vara - the leading Baltic real estate company - has been mutually beneficial. Now we are ready as sole owner of the company to take full responsibility as a long-term investor for the development of the business,' said Gert Tiivas, head of East Capital's Baltic office and chairman of Avec Asset Management.

Avec Asset Management's portfolio comprises managing the Go Spa at Kuressaare; three warehouses newly built for Tanassilma Logistics just outside Tallinn; Kerese Centre situated in Narva; the Jeruzelemes office building situated in Riga city centre; Laracija office building located outside Klaipeda city in Lithuania and the Jin & Jan office centre in Vilnius.

East Capital is an independent asset manager specialising in Eastern European financial markets. The company has offices in Stockholm, Paris, Tallinn, Moscow, Oslo, Hong Kong, Milan and Vienna.