EfTEN Kinnisvarafond II AS has acquired the Domina Shopping Center from KanAm Grund Group for €74.5 mln. The transaction is the largest single investment in EfTEN’s history.
‘It was hard work for the last six months,’ commented Viljar Arakas, CEO of EfTEN Capital AS. ‘We are proud to have a such large scale, true landmark shopping centre addition to our portfolio,’ he added.
In June, EfTEN Kinnisvarafond II AS completed a new share issue totalling €34.3 mln, subscribed by Baltic institutional investors and EfTEN Capital seed capital investors. Nordea bank provided €45 mln of financing.
The second largest mall in Riga, Domina Shopping Centre comprises over 120,000 m² of space and 160 stores. Tenants include United Colors of Benetton, Mark & Spencer, H&M, Tommy Hilfiger and Guess. It was completed in 2006 by real estate developer Pro Kapital. EfTEN plans to enhance the tenant mix further and is in talks with Latvian hypermarket chain RIMI.
Christian Brode, asset management director of KanAm Grund Group said: ‘It has been a privilege to serve the citizens of Riga with excellent shopping opportunities for so long. We are now happy to put the Domina Shopping Center into the best new hands.’
