EfTEN Capital launched a new commercial real estate fund, which will follow principles of green investments. The fund’s first acquisition is Danske Bank office building in Vilnius.
The newly founded EfTEN Real Estate Fund 5 is an alternative, closed-end fund, which aims at annual GRESB (Global Real Estate Sustainability Benchmark) rating. The fund is successor of EfTEN Real Estate Fund 4, which has completed its investment phase and holds the highest GRESB sustainability rating among property funds in the Baltics of four out of five stars.
Two largest investors of the fund are the EfTEN United Property Fund and LHV pension funds, along with a number of professional investors. Retail investors can invest to the EfTEN Real Estate Fund 5 through the EfTEN United Property Fund, which is making its largest investment to date and places a majority of uninvested equity into the EfTEN’s fifth fund.
“The new fund enhances EfTEN’s portfolio of green investments, as we are the pioneering real estate fund manager in this field in the Baltics. We are happy to launch a new fund, by obtaining in Vilnius an office building in the heart of the city’s business hub,” said Viljar Arakas, CEO of EfTEN Capital AS.
The building is strategically located in the Vilnius CBD, the city’s main business area. Over 50,000 employees are estimated to work in Vilnius CBD.
The anchor tenant of the eight-story building is Danske Bank with MobilePay, the bank’s mobile payments arm, and Danske Bank occupies another four properties in proximity. Financial services company Mandatum Life Insurance also operates in the building,
The building was constructed in 2007 and its gross leasable area is over 8,000 sq. m.
The transaction was financed by Swedbank and advised by Newsec; Fort Law firm represented the buyer in the transaction.
EfTEN Capital Group (EfTEN Capital AS and its subsidiaries) operates 56 commercial buildings with over 1,200 tenants. The real estate managed by the company is worth 900 million euros in total.