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Primus and Ellex Advise on VGP Sale of Nehatu Logistics Park to East Capital

Primus and Ellex Advise on VGP Sale of Nehatu Logistics Park to East Capital


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. 

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COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

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COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

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