“Evernord Asset Management”, an asset management company belonging to the Evernord Group, has set up a new fund that has acquired a plot of land with a detailed plan in the centre of Tallinn and intends to develop it into a multi-storey building for residential and commercial purposes.
“Evernord Real Estate Fund V is a closed-end fund for informed investors.
“The new building will be located in the centre of Tallinn on Tartu Street, within walking distance of the Old Town. There is a strong demand for new housing in this part of the Estonian capital, so the new Evernord Real Estate Fund V will provide an attractive opportunity for investors to invest indirectly in a promising residential and commercial development. The future building will offer unparalleled views of the harbour and the sea. The project will be developed in a strategically attractive location, which is particularly important for real estate investments,” notes Jolanta Jurga, Head of Evernord Asset Management.
The building is planned to have more than 16,000 square metres of apartments and office space. Construction is expected to be completed by the end of 2025, with the closure of the Fund scheduled for 2026-2027, following the sale of the apartments and office space.
Evernord Real Estate Fund V’s Tallinn project will also include the company’s Estonian partners Novira Capital.
At the beginning of this year, Evernord Asset Management closed its fund Evernord Real Estate Fund II early, following the successful sale of Buroo 31, an office building in Tallinn managed by the fund. The fund had an internal rate of return (IRR) of 14.3%.
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