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Cobalt and Pohla & Hallmagi Advise on Acquisition of Pirita Shopping Center

Cobalt and Pohla & Hallmagi Advise on Acquisition of Pirita Shopping Center

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Cobalt has advised the Nasdaq Tallinn Stock Exchange-listed investment fund Baltic Horizon Fund on its EUR 12.2 million acquisition of the newly reconstructed Piirita shopping center in Pirita, Tallinn, from Matching Holding OU. The Pohla & Hallmagi firm advised the sellers on the deal.

The net leasable area of the Piirita shopping centre is over 5000 square meters, and the property has Rimi and MyFitness as anchor tenants. The acquisition yield is approximately 7.4%, and the acquisition was financed by capital raised in the course of the secondary public offering of the Fund. 

“I am pleased to announce that a centrally located neighborhood shopping center has been added to the Baltic Horizon Fund cash flow portfolio in Tallinn," said Baltic Horizon fund manager Tarmo Karotam. "Piirita Center is attractively compact center, it is located in Viimsi leading to the Merivalja street and Kloostrimetsa street corner. We believe that the proximity of the popular Pirita beach can also be one of the Center’s success guarantees."

The Cobalt team included Partners Aivar Taro and Egon Talur, Associates Kris Tammistu and Tonu Kolts, and Junior Associate Kadri Kasepalu.

The Pohla & Hallmagi team was led by Partner Juri Ploom, supported by Partner Toivo Viilup and Attorney Taimar Ehrlich.  

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