Estonian real estate company P&E Real Estate has purchased the Solaris Center in Tallinn and the Sõbra Business Center in Tartu from the Swedish company Sveafastigheter Fersen Estonia.

The transaction is planned to be completed before the end of this year, after receiving the relevant permission from the Competition Authority. The parties did not disclose the value of the transaction.

According to the merger notice, the sale is driven by the Swedish company’s intention to exit its business operations in Estonia.

The stated reason for P&E Real Estate’s purchase is the desire to expand its commercial real estate portfolio in central Tallinn.

Head of P&E Capital Kristjan Piilmann said Solaris is an excellent addition to the company’s growing commercial real estate portfolio.

Read more: ERR.EE