Loginvest OU, part of the JNG Investment, agreed to sell a 33,000m² logistics centre on the outskirts of Tallinn, Estonia, to East Capital Real Estate IV, a Swedish-Baltic real estate fund. Newsec, in cooperation with Redgate Capital, advised the seller in the sale-and-leaseback transaction, terms of which the parties agreed to keep confidential.
The logistics park at Kalmari Road 10 in the Estonian capital was built in two phases, in 2006 and 2014. The property is strategically located alongside the Tallinn ring road with excellent accessibility from the main highways, ports and airport. JNG Investments and its logistics company Via 3L continues with a long-term lease. JNG Investments with group companies Via 3L and Jungent is a leading Baltic logistics and wholesale company. The buyer, East Capital managing four real estate funds, with total property value of €454m, including 240,000m² of logistics properties, which make them the largest institutional asset manager of logistics premises in the Baltics.
“Interest from investors was very strong in terms of the proposed yield levels and the number of investors. Logistics properties with long-term leases and attractive tenants remain one of most desired commercial real estate asset classes in Estonia on the part of both local and foreign investors,” said Indrek Mihhels, a Partner at Newsec Transactions Advisory in Estonia.
