2 elokuu 2012, Tallinn, Estonia
OÜ Baltika TP has sold off its property in Veerennni quarter to AS Kawe Group
On 31 July in line with the plans to exit operating real estate and focus on the core business AS Baltika subsidiary OÜ Baltika TP has signed sales agreement with AS Kawe Group to divest Veerenni 24 (office buildings and land).
Baltika Group will continue to rent the space for its head office and Moetänav store space at the site.
The transaction amounts to 13.6 million euros from which 13 million euros was settled at the time of signing the agreement and 0.6 million euros will be paid in equal installments over the next 5 years.
Catella Corporate Finance OÜ was advisor to AS Baltika subsidiary OÜ Baltika TP in the sales process.
AS Baltika is a fashion retailer marketing four retail brands: Monton, Mosaic, Baltman and Ivo Nikkolo. Baltika’s brands are represented in Estonia, Latvia, Lithuania, Ukraine and Russia. Baltika’s shares are listed on the Tallinn Stock Exchange.
Link to the press release: www.baltikagroup.com