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Catella advised Finnkino Oy in sale and lease back transaction of Coca-Cola PlazaMünchen, )
Coca-Cola Plaza is the largest combined cinema and retail complex in Estonia. Constructed in 2001, the complex has a lettable area of approximately 9,930 sq.m. In total, there are 11 cinema halls with close to 2,000 seats. The property is located in the CBD of Tallinn.
Finnkino Oy's subsidiary, Forum Cinemas AS, will continue operating in the property under a long-term lease agreement. Finnkino is the market leading cinema chain in Finland and the Baltic countries with 24 movie theatres and a total some 27,000 seats.
"I'm pleased that Catella has advised in another prime real estate transaction on the Baltic market. It's just few months since Catella advised Ektornet in the sale of its commercial real estate portfolio in Estonia, and similar substantial projects are underway," says Pauls Platais, Partner Catella in the Baltics.
"The Coca Cola Plaza transaction indicates that investors are continually interested to invest in the Estonian real estate market and prefer well located properties with good tenant covenant," adds Platais.
The property was acquired by BPT Baltic Opportunity Fund, a closed-end direct real estate investment fund managed by Baltic Property Trust (BPT). The fund invests in prime commercial properties (retail, office and logistics) in the three Baltic countries, Estonia, Latvia and Lithuania.
Catella's property advisory services comprise three service areas: Sales and Acquisitions, Financing, as well as Analysis and Valuation. The business is established in 11 European countries and has more than 200 employees.
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