Published: 2019-10-15 14:49:24 CEST
EfTEN Real Estate Fund III
Company Announcement

Opening of the Hortes Gardening Centre in Tähesaju commercial district

EfTEN Tähesaju tee OÜ, an 100% subsidiary of EfTEN Real Estate Fund III AS, acquired a registered immovable located at Tähesaju 5, Tähesaju commercial area in Lasnamäe, Tallinn for the purpose to construction of Hortes Gardening Centre. The construction company (Mitt & Perlebach OÜ) has completed construction works of the building, and handed them over on October 03, 2019.
The total of the investment is EUR 5.477 million. The project was financed by loan capital with a limit of EUR 3.29 million, at an interest rate of 1 month Euribor + 1.950% per annum. Up to 60% of the loan capital has been used to finance the investment.

The single tenant of the gardening center is AS Hortes occupying the entire building. The new Hortes Gardening Centre will be opened on November 02, 2019. The rent payments will start on December 1, 2019. According to the lease agreement signed with Swedbank AS the net yield of the investment, without bank leverage, is 8,5% per annum after the center has been completed.

Viljar Arakas
Member of the Management Board
Phone 655 9515