Ellex has advised East Capital Real Estate on the sale of the Mustamae Keskus shopping center in Tallinn to Project Bricks.
According to East Capital Real Estate, the property had been held by the East Capital Baltic Property Fund II since 2016. ECRE is a real estate manager that focuses on commercial real estate investments in the Baltics and Central Europe.
According to Ellex, “the Mustamae Keskus shopping and entertainment center has more than 21,000 square meters of which the leasable area is approximately 13,500 square meters. The most significant tenants of the center are the Apollo Cinema, operating the most modern multiplex cinema in the Baltics, the Rimi hypermarket, the region’s most modern fitness club MyFitness, and 2,000 square meters of different restaurants and cafes.”
“Despite the restrictions and challenges we have not seen any increase in vacancy and in some cases we even saw an increased turn-over,” East Capital Group Partner Albin Rosengren commented. “Mustamae Keskus is a high-quality shopping and entertainment center with a strong competitive advantage and strong tenants ... We see the center doing very well in the future.”
The Ellex team included Partners Ermo Kosk and Martin Kaerdi and Associate Karin Tartu.
Ellex did not reply to our inquiry on the matter.