Real estate investment fund Lords LB Baltic Fund IV has acquired an office in Estonian capital Tallinn for an undisclosed sum.
The 10,000 m2 asset, a business complex known as EU House, is occupied by tenants including the European Commission and the European Parliament, as well as EY. The vendor was Norber Group.
Controlled by investment management company Lords LB Asset Management, licensed by the Bank of Lithuania, the fund was established in 2015 and has now purchased three assets to date.
'Lords LB Baltic Fund IV is operating according to the plan; therefore the third property acquisition in Tallinn was very timely. According to the current indicators, we will continue searching for potential objects in the Baltic capitals,' said fund manager Manfredas Dargužis.
The fund's assets currently total €89 mln, and it has a target return of 12%. Lords LB plans to operate the fund until 2022 with a two year extension option.
Lords LB Asset Management currently controls nine real estate funds, two private capital funds and two energy and infrastructure funds worth €258 mln in total.
Lords LB was advised by Sorainen, while the seller was advised by Catella and Teder law firm.
