Stockholm-based asset manager East Capital has announced that its latest Baltic real estate fund, East Capital Baltic Property Fund II, has acquired a 40,000 m[sup]2[/sup] logistics centre in Tallinn, Estonia.
Stockholm-based asset manager East Capital has announced that its latest Baltic real estate fund, East Capital Baltic Property Fund II, has acquired a 40,000 m2 logistics centre in Tallinn, Estonia.
East Capital said the transaction was one of the largest in the Baltics since 2010 but it did not disclose the investment volume.
The seller of the property is VGP, a real estate company specialised in the development, leasing and management of semi-industrial parks and logistics complexes in Central and Eastern Europe. The expected closing date is 15 May 2012.
'There is an opportunity to invest in the Baltic real estate market at attractive yields. The outlook for the property market is positive in the medium term and the trend is for institutional investors to increase the weight of real estate assets in their asset allocation,' said Biljana Pehrsson, head of East Capital Real Estate.
East Capital Baltic Property Fund II targets institutional and professional investors. The fund's term is seven years with a possible extension of three years. East Capital Explorer has committed to invest EUR 10 mln in the first closing of the fund.
