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COBALT advised sale of Telliskivi Loomelinnak

2014-03-11

COBALT advised Eastern Europe Real Estate Fund (EEREIF) on sale of Telliskivi Loomelinnak to Butembo OÜ, which is owned by a Swedish family Andrén. Value of the deal was 4.8 MEUR.

Telliskivi Loomelinnak is the biggest center of creative industries in Estonia. As the quarter is located on a verge of the city center and two most promising boroughs in Northern Tallinn (Kalamaja and Pelgulinn) it also functions as an attractive public space and a focal point.

In Telliskivi Loomelinnak there are 5 food and drink places, 14 shops, additionally a children daycare and offices of different businesses and organisations – altogether ca 150 tenants.

EEREIF is a real estate fund established in 2008. The fund has invested into commercial real estate in Eastern Europe. In 2013 the planned liquidation of the fund commenced. The sale of Telliskivi Loomelinnak was the first disposal in the liquidation process.

The project legal team included partner Aivar Taro, senior associate Triin Ploomipuu, associates Mariann Sirgmets and Erki Parik.