NEWSEC ADVISED YIT ON SALES OF 8.300 M² OFFICE BUILDING IN TALLINN (ESTONIA)
July 3, 2012
YIT Ehitus AS, Estonian subsidiary of YIT Construction, advised by NEWSEC, signed sales and purchase agreement according to which YIT sells to Estonian investor Capital Mill its 90% ownership of the Office building Mehhatroonikum located in the Tallinn Science Park Tehnopol.
The office building, currently under construction, comprises of approx. 8.300 m² and is planned to be completed in August, 2012. The main tenants of the property will be AS Metrosert, Mehhatroonika Association and Estonian Patent Information Centre.
Neringa Rastenyte, Head of transactions at NEWSEC Baltics: “It was a great pleasure to work with YIT, which is one of the most experienced and professional real estate market players in the Baltics. Capital Mill made a great choice. The Mehhatroonikum office centre is a perfect example of sustainable real estate investment. It’s an energy efficient building, dedicated to the companies of the most perspective Baltic economy sectors in the field of science, IT and innovations. Following the global experience, we are sure that, from the tenants’ and investors’ point of view, such properties will have strong priority compared to ordinary office buildings in near future already.”
“Baltic real estate market becomes attractive for investors again. Economies show signs of stable recovery and all the main fundamentals for real estate investing are in place. Last year there were 260 mln. Euro invested and this year we expect around 300 mln. Euro deals to be closed. On a contrary to some Scandinavian markets banks are still ready to finance sustainable investments in the Baltics and this enables to ensure liquidity of reasonable real estate products.” – adds Ricardas Cepas, CEO of NEWSEC Baltics.
“Newsec helped YIT to find investors and represented the YIT in the primary negotiations with potential investors. Thanks to Newsec activities we were able to deal with our main business. An important factor in the involvement of large consultancy firms is a belief in a good outcome. Newsec has quite large number of contacts with investors, which ensured the provision of information in very large circle of investors.” – YIT Ehitus Development Director Karuse Argo said.
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