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Baltic focused property investor EfTEN Real Estate Fund AS finalised the sale of its Latvian logistics subsidiary, EfTEN Krustpils SIA, earlier this week, receiving EUR 5.6 million in net proceeds. The business held the DSV logistics building in Riga and was sold to Latvian buyer ROLANDS S, SIA after a deal was agreed in early February and conditions were met. The transaction price was approximately EUR 500,000 above the asset's book value, and the proceeds are earmarked for future investments. This follows recent portfolio adjustments by the fund in the Baltic commercial property market.
EfTEN Real Estate Fund, an alternative investment vehicle listed on the Nasdaq Baltic exchange, has completed the disposal of its wholly owned Latvian subsidiary that owned the DSV logistics property in Riga. The sale closed after the parties satisfied the conditions set out in the share purchase agreement, and the fund is set to receive a total of EUR 5.6 million from the transaction. Advertisement
Prior to this completion, the fund had announced the agreed sale of the subsidiary earlier this year, with the deal structured as a share sale, valuing the property at around EUR 9.0 million about EUR 500,000 above its carrying amount in EfTEN's latest balance sheet. The buyer is a private Latvian firm, which took over the business that manages the logistics asset at Krustpils street in Riga.
EfTEN plans to use the net proceeds from the sale to support future investments, as part of its ongoing portfolio management and capital allocation strategy across the Baltic States. The logistics building had been part of the fund's cash generating commercial assets, and its disposal reflects the fund's active repositioning efforts in response to market conditions.
The fund has a track record of managing diversified property segments, including logistics, office and retail spaces across Estonia, Latvia and Lithuania. Previous moves in its portfolio included other property sales and dividend proposals, as noted in recent filings and company announcements.
Source Reuters
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