Conclusion of a preliminary agreement for the acquisition of the Nõmme Südamekodu property and the establishment of a nursing home

EfTEN Real Estate Fund III AS Registered Shs

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EfTEN Capital AS and Südamekodud AS have entered into a preliminary agreement, according to which EfTEN Real Estate Fund AS will acquire a property located at Hiiu tn 42 in the Nõmme district of Tallinn through a to be established subsidiary. The aim of the agreement is to partially convert the building into a nursing home, which could accommodate up to 170 clients of Südamekodud AS in the future. The building will remain partially in use by the  North Estonia Medical Centre under a existing lease agreement.
At present, no sales contract has been concluded or construction procurement has been organized. According to the intention of the parties, the sale contract under the law of obligations is planned to be concluded no later than January of next year and construction activities will begin in the second quarter of next year.

Viljar Arakas 
Member of the Management Board 
Phone 655 9515 
Email: viljar.arakas@eften.ee