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Colonna investors acquired 18 retail properties operated under well-known grocery brands - Säästumarket and Rimi. The total lettable area of the properties is 16,818 sq m. Approximately 35% of the portfolio is located in Tallinn area and 65% in regional cities of Estonia. The properties were previously owned by Kinnisvaravalduse AS, a real estate holdings subsidiary of Rimi Baltic. All the stores located in the properties will continue to operate and Rimi Eesti Food AS will remain a long term lessee of the properties.
Ruth Laatre, the head of Rimi Baltics Real Estate, told that the sale leaseback of properties is part of a long term restructuring of Rimi real estate portfolio. Funding received from the divestment will be reinvested into new stores in all Baltic countries. Rimi has extensive expansion plan for next 3 years in all Baltic states, with primary market share growth in Lithuania.
“We are delighted to cooperate with a strong partner like Rimi and believe that the acquisition is an excellent addition to our portfolio”, said Roberto de Silvestri, head of the Colonna group.
The transaction was advised by Catella Corporate Finance. The legal advisor to Rimi was law firm Sorainen.
Colonna Capital represents primarily international investors’ investments into Estonian property projects. Day-to-day operations of already acquired properties are handled by the local team of Colonna. The management team of Colonna has been active in the Estonian real estate market since 2006.
Name: Triinu Reinold
Position: General Counsel
Rimi Eesti Food AS, the food retail operating subsidiary of ICA Gruppen, is operating Rimi and Säästumarket branded stores in Estonia (85 stores in total). Kinnisvaravalduse AS is a real estate properties holding company of Rimi Baltic.
ICA Gruppen is a leading retail company with a focus on food and health. The Group includes ICA Sweden and Rimi Baltic which mainly conduct grocery retail, ICA Real Estate which owns and manages properties, ICA Bank which offers financial services and, since January 2015, Apotek Hjärtat which conducts pharmacy operations. The Group also includes wholly or partly owned portfolio companies - Hemtex and inkClub.
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