Swedbank AB has sold its 50 percent stake in real estate developer Arealis to Toomas Luman, who already owned the second half, writes Äripäev Online. Arealis is a big player on the Tallinn real estate market as it owns and manages properties such as Shnelli Arimaja, Nordea Maja, Tehnopolis Kinnisvara (head office of Skype Estonia) and ECE Arimaja.
Arealis rents out 40,800 square meters of Class A commercial space, being one of the biggest players on the market in Estonia. The holding was sold by Swedbank subsidiary FR&R Nemo B.V. and bought by Nordic Contractors AS, a holding of OU Luman ja Pojad that belongs to Toomas Luman who is also a large shareholder in the listed construction group Nordecon.
Following the transaction, Nordic Contractors sold a half-stake in Arealis to its business partner Elle Capital OU that belongs to 35-year-old Natalia Levina, daughter of a Moscow millionaire Pjotr Levin who is one of the founders of Russki Alkohol.
Levina is also chairman of supervisory bard of Grove Invest that is developing the so-called Luther property in Tallinn. Levina is also owner of International Invest Project OÜ and chairman of the supervisory board of Grove Invest.Commenting the deal, Luman said: "The buyback of shares from FR&R Nemo that took place today happened six months prior to the agreed deadline, which confirms that Arealis has developed faster than planned."
Nordic Contractors sold a stake in Arealis to the Swedbank subsidiary in March 2011. The transaction at the time was aimed at restructuring existing loans and bringing in external capital. Arealis posted a net profit of 1.3 million euros on sales of 9.4 million euros for 2012.