“For Bigbank’s corporate banking, continuing a large-scale collaboration with such a well-known and valued public fund is a significant milestone. Additionally, this transaction once again confirms our desire and ability to finance commercial projects that involve significant volumes in an Estonian context,” commented Aimar Roosalu, head of the Estonian corporate banking unit at Bigbank.
We are delighted to accelerate the transformation of our two successful properties with Bigbank as our trusted partner. In the past year, we have seen a remarkable development in both Coca-Cola Plaza and Postimaja; almost all existing lease agreements have been prolonged and in addition, we have also signed a long-term anchor lease agreement with Apollo Group. This partnership with Apollo Group has carried the investment into the next real estate cycle. The refinancing agreement with Bigbank shows trust in our strategy, acknowledging the current value of the properties as well as their future potential, said Tarmo Karotam, Fund Manager of Baltic Horizon Fund.
According to Aimar Roosalu, the property is one of the most prominent landmarks in Tallinn. Located in the city centre next to the new A Class buildings, there is a great potential for transformation to suit present and future needs. “I see our bank continuing to finance similar projects that help to enhance the quality and competitiveness of iconic high-potential buildings which are a part of the real estate history,” added Roosalu.
The leasable area of the two refinanced objects – Coca-Cola Plaza and Postimaja shopping centers – totals 16,278 square metres. The two buildings create a strong synergy, offering a wide range of services in the very heart of Tallinn.
The line-up in the four-floor Postimaja shopping centre includes brands such as H&M, Rimi, New Yorker, MyFitness, Deichmann, Euroapteek, and Reval Cafe. The building is certified according to BREEAM 2023. The nearby Coca-Cola Plaza has recently signed an anchor tenant agreement with Apollo Group, the biggest entertainment company in the Baltic states. With its 11 cinema halls and 1,700 seats, state-of-the-art screens and sound systems, Coca-Cola Plaza is the largest cinema complex in Estonia. In addition to regular film screenings, Coca-Cola Plaza also offers live coverage of opera performances from the Metropolitan Opera and drama performances from the London National Theatre. In the near future, more entertainment venues, restaurants, as well as a bookshop will open in the complex.
BH CC Plaza OÜ is 100% owned by the real estate fund Baltic Horizon Fund which is listed in the Baltic fund list of OMX Nasdaq Tallinn Stock Exchange. Baltic Horizon Fund aims to create value for investors by acquiring and managing high-quality commercial real estate in the three Baltic capitals. The Fund’s portfolio consists of 12 properties with a total value of EUR 256.8 million and a leasable area of 118,624 square metres. The Fund is managed by Northern Horizon Capital AS, a subsidiary of Northern Horizon Group. The fund’s activities are regulated by the Estonian Financial Supervision Authority.
Founded more than 30 years ago, Bigbank is a commercial bank owned by Estonian capital. As of 30 September 2024, the bank’s balance sheet total was EUR 2.6 billion and shareholders’ equity was EUR 264.7 million. The bank operates in 9 countries, has more than 150,000 active customers and more than 500 employees. Moody’s Credit Rating Agency has given long-term Bigbank bank deposits in foreign and local currencies a rating of Ba1 and has rated the base credit rating (BCA) at Ba1 and adjusted BCA at Ba2.
Additional information:
Aimar Roosalu, head of the Estonian corporate banking unit at Bigbank
aimar.roosalu@bigbank.ee
+372 53009076
Tarmo Karotam, Fund Manager for Baltic Horizon Fund
tarmo.karotam@nh-cap.com
+372 508 9044
