E.L.L. Real Estate sold the lead company of the office building at Sõpruse pst 151
E.L.L. Real Estate sold OÜ Linnailu, the lead company of the office building located at Sõpruse pst 151, to a group of Estonian investors, whose advisor in the transaction was Kommertskinnisvara OÜ. The cost of the transaction is confidential, as agreed upon by the parties.
According to Aldo Dapon, Chairman of the Board of E.L.L. Real Estate, the office building lacked any long-term strategic importance in the enterprise’s portfolio. “The focus of E.L.L. Real Estate continues to be on the development of retail shopping centres and other commercial buildings. The funds earned from the sale will be used in the preparation of new development projects”, said Dapon.
Sõpruse pst 151 is a service and office complex, with lease contracts covering the 2400 m2 of office space owned by OÜ Linnailu. According to Kommertskinnisvara OÜ Director Hannes Pihl, the enterprise’s clients are seeking alternative instruments to bank deposits or volatile stock markets. “In a market situation where the vacancies in commercial real estate have normalised and lease rates are on the rise, it is possible to perform sufficiently secure transactions into the given sector. This is why – with the consultancy of Kommertskinnisvara OÜ – Linnailu SPV OÜ was established, which acquired the shares of the lead company in the Sõpruse pst 151 office building,” said Pihl.
Kommertskinnisvara OÜ is a leading enterprise in the management of private portfolios of commercial real estate. The enterprise’s portfolio includes retail as well as commercial buildings in Tallinn and elsewhere in Estonia.
E.L.L. Real Estate is a real estate development enterprise active in Estonia, Latvia and Lithuania, owned by holding company AS Riverito. E.L.L. Real Estate has participated in the construction of several large shopping centres, hotels and service and commercial buildings in the Baltic States.