Skip to main content

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

Written by Customer Service on . Posted in Public Companies.

On 08.07.2024, the fund’s subsidiaries EfTEN Seljaku OÜ and EfTEN Tähesaju tee OÜ submitted notices to the tenant – the Hortes joint-stock company – regarding the demand for debt payment, the demand for late payment, the exercise of the lessor’s right of lien and the termination of the lease agreement, giving the tenant an additional 30-day deadline to liquidate the debt.

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: viljar.arakas@eften.ee

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.