Termination of the lease agreement with the tenant of two of the fund's subsidiaries and reorganisation of the tenant

On 24.05.2017, EfTEN Seljaku OÜ (landlord) and limited company Hortes (tenant) signed a lease agreement on the basis of which limited company Hortes uses the properties of Seljaku 4b and 2a in Harjumaa, Saue municipality, Laagri, including the building with technical systems and facilities. The debt of Hortes joint-stock company arising from the said lease agreement, together with the arrears and interests, is 93,690.80 euros.

EfTEN Tähesaju tee OÜ (landlord) and limited company Hortes (hereinafter tenant) concluded a lease agreement on 23.08.2018, based on which the limited company Hortes uses the property at Tähesaju tee 5 in Tallinn, including the building located on the property with technical systems and facilities. The debt of Hortes joint-stock company arising from the said lease agreement, together with the arrears and interests, is 158,898.91 euros.

The monthly rental income of Hortes' two properties is 2.5% of the consolidated sales income of EfTEN Real Estate Fund AS. Regarding both stores, we have started negotiations with new potential tenants, and we are also considering selling the properties if there is a suitable offer. Regarding the signing of new leases or the transfer of the property or the reaching of a suitable longer-term agreement with the current tenant, we will immediately inform upon the adoption of the corresponding decision.

On 09.07.2024, the landlords EfTEN Seljaku OÜ and EfTEN Tähesaju OÜ received a court order from the Harju County Court regarding the initiation of restructuring of the limited company Hortes. According to the mentioned regulation, the proposed restructuring plan is to be adopted no later than 23.08.2024.

Viljar Arakas
Member of the Management Board
Phone 655 9515
E-mail: [email protected]