BPT Optima acquires the shopping centre Tööstuspark OÜ in Tallinn, Estonia
27 October 2005
Related to
BPT Optima
BPT Asset Management has closed a transaction in Estonia,
Tallinn, where a specialty shopping centre, Tööstuspark OÜ, has
been acquired by BPT Optima S.A., SICAR. This is BPT Optima's
fourth investment in the Baltic countries and Poland after the
launch of the fund in August 2005. BPT Optima is the largest
property fund in the Baltic countries with an investment framework
of more than EUR 600 million.
Tööstuspark OÜ comprises of more than 18,000 square meters of
retail space conveniently close to the busiest road in Estonia, the
Peterburi road. The centre is differentiating from many centers in
Tallinn by specializing in construction and home gear, while at the
same time offering also more traditional conveniences, such as
supermarket, banking and insurance services. The largest tenants in
the centre are Ehitus Service, a "do-it-yourself" retailer and
MaksiMarket, a supermarket, which is a division of the largest
retailing group in Estonia ETK.
The centre was sold by AS Ühendatud Kapital, who completed the
development of the centre in 2001. AS Ühendatud Kapital is an
Estonian company established in 1998, which is mainly occupied in
investing activities, management of short- and long term
investments, and advisory services. AS Ühendatud Kapital has the
business interest in real estate, industrial production and retail
activities in Estonia, Latvia, Russia, and Ukraine.
BPT Asset Management aims to increase the number of visits in
the centre by applying active center management. The traffic in the
center should further increase by the extension of Smuuli road to
Suur-Sõjamäe street, which will open up a direct route to the
Airport/Ülemiste area from Peterburi road. Meelis Liivak, BPT
Country Director in Estonia, is convinced in the long-term success
of the center: "The center has managed to establish itself even
with modest advertising. We believe that with the appropriate
strategy we can increase the traffic significantly and thus further
enhance the tenants' satisfaction."
