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Explorer Property Fund – Baltic States acquires two properties in Estonia

Explorer Property Fund – Baltic States’ portfolio now totals fourteen properties after the acquisitions of City Hotel Portus, a hotel centrally located in Tallinn, and Favor Production Facility, an industrial property just outside Tallinn.

Favor Production Facility is an industrial property with a production area of more than 21,500m2, situated in an industrial area 15 kilometres outside Tallinn. The property has two buildings with a total area of 9,700 m2, built in 2004 and 2007. The single tenant, Favor AS, was established in 1990 and is the largest company in the region specialised in thin sheet metalworking.

City Hotel Portus is an economy class hotel perfectly situated in the ferry port area of Tallinn, which serves 2.5 million passengers annually,” explained Kristjan Kivipalu, CEO of AVEC Asset Management. The 5,500m2 building comprises 107 rooms and several conference rooms. The hotel, which was fully renovated in 2004 is managed by Aldera Hotell, a company with a good track record of operating hotel businesses.

Explorer Property Fund – Baltic States
Explorer Property Fund – Baltic States is one of the most active investors on the Baltic property market, after the fund closed in the summer of 2005 with EUR 55.1m in available capital. The portfolio of the fund as of today comprises fourteen objects in total, ten in Estonia, two in Latvia and two in Lithuania. The fund is managed by AVEC Asset Management, a management company based in Tallinn with regional offices in Riga and Vilnius. AVEC Asset Management is jointly owned by Arco Vara and East Capital.

About Arco Vara
Arco Vara was established in 1992 in Estonia and is today the leading real estate development group in the Baltic States. Arco Vara is active in brokering, development and investments and construction. The company is present in 25 cities across Estonia, Latvia, Lithuania, Ukraine, Bulgaria and Romania. Arco Vara and its joint ventures employed 546 people at the end of I Q 2007. Consolidated audited turnover of the Arco Vara group in 2006 rose to EUR 30.9m, with the net profit at EUR 13.9m. Arco Vara AS is listed on the Tallinn Stock Exchange.

About East Capital
East Capital is a leading, independent asset manager specialising in Eastern European financial markets. The company, which is headquartered in Stockholm, with offices in Paris, Hong Kong, Tallinn, Moscow and Oslo, actively manages over EUR 4.2bn, basing its investment strategy on thorough knowledge of the markets, fundamental analysis and frequent company visits by fund managers and analysts.

Further information can be obtained from:
AVEC Asset Management
Kristjan Kivipalu
Phone: +372 6144 658
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