The property of Prisma Annelinna in Tartu, Estonia, has been transferred to a new owner. VCA Baltic Retail Fund, a Finnish real estate investment fund, sold its shares in the company holding the property to Russian and Baltics Retail Properties, a real estate fund also based in Finland.
Built in 2012, the entire property, with a total area of approx. 13,700 m2, has been leased on a long-term contract to AS Prisma Peremarket. In addition to the Prisma hypermarket, the complex houses a number of smaller specialty shops. There are 650 parking spots at the shopping centre.
SOK is a minority shareholder in Russian and Baltics Retail Properties real estate fund. The fund is managed by SOK Fund Management Oy, whose managing director Juho Mäkelä sees the transaction as a positive opening in the Baltic countries.
"As the real estate fund's first investment object in the Baltic region, Prisma Annelinna in Tartu plays an important role in diversifying our investment portfolio. The shopping centre is practically new and has an excellent lessee, which makes it an excellent target as outlined in the fund's strategy."
Prisma Annelinna is one of many hypermarket development projects managed by Vicus Capital Advisors Ltd in the Baltic region.
"The now-divested property was the last object in VCA Baltic Retail Fund's portfolio. This fund, which is ceasing its operations, has given the investors good returns", says Markus Jaakonsaari, managing director of Vicus Capital Advisors Ltd.
The parties have agreed not to disclose the contract price.