Kristiine Shopping Centre. Photo: Kaupo Kalda
Redgate Capital, in collaboration with Newsec Baltics advised the sale of Kristiine Shopping Centre for nearly EUR 130m, making it the largest commercial real estate deal in Estonia to date! The centre, previously owned by Citycon, was purchased by EfTEN Capital AS and Estonian investors. The legal advisor for the transaction was Sorainen Law Firm.The deal is expected to close in Q4 2024, pending approval from the Competition Authority.
Kristiine Shopping Centre offers 45,300 square metres of leasable space and has over 100 tenants, including Prisma, H&M, Sportland, Reserved, Rademar, and Apollo. Following a complete refurbishment in 2019, Kristiine offers an extensive selection of goods, services, and entertainment. While Kristiine is the fourth-largest shopping centre in Tallinn, it is the largest and most accessible in Tallinn city centre area. Kristiine is in the heart of transport connections and easily reachable for pedestrians, public transportation users, and those traveling by car.
“This is the largest transaction in Estonia’s commercial real estate sector in recent decades. We are observing a trend where large-scale property deals are dominating the Baltic commercial real estate market. All recent transactions have been executed with strong local investors. We can see that the market is becoming more active with pricing levels that are attractive for both sellers and buyers,” says Indrek Mihhels, real estate partner at Redgate Capital and Newsec Baltics, referencing other notable transactions advised in 2023–2024, such as the acquisitions of Viru Keskus and the Technopolis office campuses in Vilnius and Tallinn. “We anticipate several similar large-scale transactions in the near future.”