Colonna’s investors have acquired 18 retail properties in Estonia, housing Rimi and Säästumarket shops with a total lease area of 16,818 m2 of which five are located in Tallinn, the Estonian capital.
The former owner of the properties was Kinnisvaravaldus, a subsidiary of Rimi Baltic. All shops will remain in use by Rimi, as Rimi Eesti Food has entered into a long-term commercial lease contract with the buyer.
Ruth Laatre, manager of the property department of Rimi Baltic, said that the sale and lease-back of the shop areas forms part of Rimi’s long-term plan to rearrange its property portfolio. Rimi will invest the proceeds from the sale into construction of new shops. In the three years to come, the company is planning to expand significantly, especially in Lithuania, where it intends to increase its market share.
“We are happy to cooperate with a strong partner like Rimi. We find that the acquisition is an excellent addition to our real estate portfolio,” comments Roberto de Silvestri, head of the Colonna group.
Colonna Capital represents foreign investors seeking to invest in real estate portfolios in Estonia. Daily management of the property acquired is carried out by Colonna’s own Estonian team. Colonna has been operating in Estonia since 2006.
Rimi Eesti Food is a subsidiary of ICA Gruppen. In Estonia, the company owns a total of 85 Rimi and Säästumarket shops. Kinnisvaravaldus owns and manages Rimi’s real estate.
The SORAINEN team advising Rimi consisted of partner Toomas Prangli, specialist counsel Urmas Volens, senior associate Paul Künnap with associates Britta Pärk and Kaija Riismaa.