Colliers International has helped EfTEN Kinnisvarafond AS to find an investor for the commercial building at Stabu 10/4 in Riga, Latvia which was the first investment by EfTEN in Riga and as of today, the first successful exit. The asset became the second acquisition of the real estate investment company Colonna Varahaldus in Latvia. Transaction price is not to be disclosed according to the agreement between the parties.
EfTEN Kinnisvarafondi AS bought the property at Stabu street in Riga in 2013 from SIA Ektornet Commercial Latvia. It is a former industrial building that has been transformed into an office building with 3,700 square meters of rentable area.
EfTEN Kinnisvarafond AS is a real estate fund founded in 2008, that invests in cash flow generating commercial properties. EfTEN Kinnisvarafond AS’ investment period ended in 2015 when EfTEN Kinnisvarafond II AS and EfTEN Real Estate Fund III AS were founded. Fund’s portfolio includes 20 properties in Estonia, Latvia and Lithuania and total volume of assets under management is 220 million euros.
Founded in 2006, Colonna Group is mainly involved in yielding property investments and has properties in the Baltic states exceeding 250 million euros in total value. Investors related to the company own more than 87 real estate objects. In total, Colonna manages over 250,000 square meters of leasable area.