Vicus Capital Advisors has said that it is launching a new real estate fund which will invest in retail properties and property development in the Baltic countries. The VCA Baltic Retail Fund will have spending power of around EUR 60 mln.
Vicus Capital Advisors has said that it is launching a new real estate fund which will invest in retail properties and property development in the Baltic countries. The VCA Baltic Retail Fund will have spending power of around EUR 60 mln.
'Recovery of the Baltic economies has begun and there are strong companies in the market that need new retail locations,' said Risto Hiekka, CEO of Vicus Capital Advisors.'The real estate market in the Baltic countries is set to revive and the most interesting investment objects will be good retail locations with successful tenants.'
VCA Baltic Retail will focus on developing retail properties for the top-tier tenants in the market. The fund's first acquisitions will include a shopping centre project in Narva, Estonia which is due to be completed in September 2010. The property is leased to the Finnish retail chain S Group's local subsidiary, which will open a Prisma hypermarket in the mall.
The fund will also acquire the retail projects owned by Vicus Capital Advisors' real estate development arm in the Baltic countries. In return, the Vicus Ltd subsidiary will be a significant investor in the new fund.
