Primus has advised international logistics and industrial park operator VGP on its EUR 54 million sale of the Nehatu logistics park in Tallinn to East Capital Baltic Property Fund III. Ellex Raidla advised the buyers on the deal, which includes 5 logistics buildings with a total of more than 77,000 square meters of lettable area, and which remains subject to approval by the Estonian Competition Authority.
VGP operates and develops logistics and industrial parks in Germany, the Czech Republic, Latvia, Estonia, Slovakia, Hungary, Romania and Spain. Its shares are listed on the Euronext in Brussels and the Prague Stock Exchange.
According to a Primus press release, Jan Van Geet, CEO of VGP, said about the transaction: “This deal underlines the quality of what we have realized in the past few years in Estonia and we are particularly pleased that we have been able to conclude this transaction with East Capital. This transaction marks the second transaction with East Capital in Estonia, the first one being the sale in 2012 of newly built logistic properties totaling 40,000 square meters located on the south side of Tallinn.”
East Capital Baltic Property Fund III is a real estate fund established by East Capital in August 2015, which invests in high quality commercial real estate in Tallinn, Riga, and Vilnius.
Primus’ team advising CGP consisted of Partner Ermo Kosk and Senior Associate Rutt Vark, who both advised VGP in the 2012 deal as well.
The Ellex Raidla team was led by Partner Martin Kaerdi, supported by Associate Triin Tiru.