Baltic investment manager Lords LB Asset Management has purchased the remaining 50% it did not own in Focus Kinnisvara OSA, the owner of the EUR 20 mln Metro Plaza office building in Tallinn, Estonia for an undisclosed amount. The vendor is Pedragon Investments, a subsidiary of Metro Baltic Horizons.
Baltic investment manager Lords LB Asset Management has purchased the remaining 50% it did not own in Focus Kinnisvara OSA, the owner of the EUR 20 mln Metro Plaza office building in Tallinn, Estonia for an undisclosed amount. The vendor is Pedragon Investments, a subsidiary of Metro Baltic Horizons.
The Metro Plaza was built in 2009 and is located in the centre of Tallinn, not far from the old town and commercial district. The class-A office building has around 7,500 m² of leasable area let to several tenants including Trigon Capital, Regus, Mandatum Life Insurance Baltic SE and HansaWorld Estonia AS.
The proceeds will be used by Metro to repay debt, creditors and for working capital purposes.
Lords bought the first 50% share in Metro Plaza in October 2010. The company currently manages two funds, Lords LB Baltic Fund I, which invests into cash-flow generating office buildings and hypermarkets in the Baltic capitals, and Lords LB Opportunity Fund I, focused on Vilnius residential real estate development.
