Lumi Retail Property Fund managed by Lumi Capital acquired approximately 1,500 square meters of commercial space in Priisle, Tallinn. A lease agreement has been signed with Selver AS for the space located on the first floor of the 11-storey apartment building. Priisle Kodud is developed by Hepsor.
"Priisle Selver is part of our neighbourhood stores' investment strategy and a great addition to the portfolio," cofirms Lauri Henno, fund manager at Lumi Capital. This store is already the seventh investment for Lumi Retail Property Fund.
"In addition to the high population density of Lasnamäe and the rapid development of the Priisle area, the big advantage is that the store is conveniently located on the way to Maardu and Muuga, so there are many passers-by on the route," explains Henno. “A good location is an important prerequisite to ensure good returns on the investment,” he adds.
Regarding future plans, Henno confirms: "We are constantly working towards expanding the portfolio further, not only in Estonia, but throughout the Baltics."
Lumi Retail Property Fund is a Baltic-wide real estate fund that specializes in neighborhood shopping centers close to home. The total volume of the fund's investments is planned to be 100 million euros within a timeframe of 20 years. The anchor investors of the fund are Swedbank pension funds.
Hepsor AS (www.hepsor.ee) is one of the fastest growing residential and commercial real estate developers in Estonia and Latvia. In ten years of operation, they have created more than 1,300 homes and 15,000 m2 of commercial space. Hepsor is the first developer in the Baltic States to implement a number of innovative engineering solutions that make the company's buildings more energy-efficient and thus more environmentally friendly. The company's portfolio includes a total of 22 development projects with a total area of 140,000 m2.