Vicus Capital Advisors Limited has established an investment fund which will invest in retail properties and property development in the Baltic countries. Investment capacity of VCA Baltic Retail Fund is approximately EUR 60 million, announced the company today.
The new fund will focus on developing retail properties for the top-tier tenants in the market. The fund’s first investments will include a shopping centre in Narva, Estonia which will be completed in September 2010. The property has been leased to the Finnish retail group S Group’s local subsidiary that will open a Prisma hypermarket in the shopping centre.
"Recovery of the Baltic economies has begun and there are strong companies in the market that need new retail locations," says Risto Hiekka, CEO of Vicus Capital Advisors.
At present Vicus Capital Advisors manages the real estate investment and development company Vicus Limited. Vicus Limited has invested in real estate in Russia, Ukraine and the Baltic countries.
In connection with the establishment of VCA Baltic Retail, Vicus Limited will sell its development projects in the Baltic countries to the new fund. Vicus Limited will also be a significant investor in the new fund.