We advised the sale of Microsoft office building
LHV Pension Funds in cooperation with Lumi Capital acquired the office building formerly known as the Skype Building in Tallinn. It’s main tenant is the Estonian branch of Microsoft’s Development Center, which focuses on developing cloud-based communication platforms and other Microsoft services.
The building, which was originally built by Nordecon in 2006, has been improved over time to meet customer needs. LHV Pension Funds, in cooperation with Lumi Capital, bought the building from its developer Arealis.
AS Arealis, formerly AS Eurox, is a subsidiary of AS Nordic Contractors that has specialised in the development of real estate. AS Arealis began operating in 2005. The company consolidates investments and development projects, for the most part, into commercial buildings and also partially into apartment buildings. Target markets are currently Estonia and Lithuania.
The pension funds of AS LHV Varahaldus have approximately 176 000 clients. LHV offers both actively and passively managed 2nd and 3rd pillar pension funds. The total value of the pension funds of LHV is 1.3 billion euros.
Lumi Capital OÜ is a real estate investment management company whose clients are private investors, pension funds from Estonia and foreign property investors.
Ellex Raidla’s partner Martin Käerdi and associate Karin Tartu advised the seller on the transaction.
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