Newsec advised YIT on sale of office building in Tallinn (EE)

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.

mehhatroonikum office building

Capital Mill bought 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 Center.

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 center 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. invested and this year we expect around €300 mln. 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.

Source: Newsec

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