OREANDA-NEWS. On August 01, 2008 Sorainen Tallinn office with Catella Corporate Finance Latvian and Estonian team advised the transaction where German open-ended real estate mutual fund Focus Nordic Cities, managed by Catella Real Estate AG, acquired the property housing Magnum Logistics, reported the press-centre of Sorainen.

The property is located at Vae 16 in Harju county near Tallinn-Riga highway.

The property was sold by Magnum Logistics, the major pharmaceuticals logistics companies in Estonia, who will remain in the property as tenant. "The transaction reflects a larger trend where leading Estonian companies sell and lease back their real estate in order to strengthen their balance sheet. In most cases the obtained cash is invested into expansion of the core business”, says Aavo Kokk of OU Catella Corporate Finance.

The transaction was advised by partner Kaido Loor and senior associate Triin Toomemets.