Finnish real estate investor and developer Vicus has sold three properties in the Baltic States to Catella Real Estate's investment fund Focus Nordic Cities. Two of the assets are located in Latvia and one is in Estonia. The total transaction value comes to about EUR 24 mln.

Finnish real estate investor and developer Vicus has sold three properties in the Baltic States to Catella Real Estate's investment fund Focus Nordic Cities. Two of the assets are located in Latvia and one is in Estonia. The total transaction value comes to about EUR 24 mln.

Vicus plans to invest the proceeds in new development projects in Russia, Ukraine, and the Baltic States, as the company said it is shifting its investment focus to development. In the Baltic states, Vicus is considering investing in retail development, while in Russia the company is eyeing a shopping centre development project in Mytishchi, north of Moscow, and a warehouse complex development project located west of Kiev.

'Real estate prices have developed very favourably in the Baltic States. Vicus considers the timing for the divestment of yielding-properties good now that the uncertainty in the market has increased,' said Juha Mikkonen, managing director of Vicus.

The 22,000 m2 portfolio consists of Efore's office, storage and production facilities in Parnu, DHL's logistics centre in Riga and Rautakesko's K-Rauta hardware store in Liepaja.

Founded in 2005, Vicus invests in commercial real estate and real estate development in Russia, Ukraine and the Baltic States. The company's investment capacity, bank financing included, is EUR 300-400 mln.