EBRD invests €30m in climate-conscious real estate fund
The European Bank for Reconstruction and Development (EBRD) has invested €30 million ($33 million) in Usaldusfond EfTEN Real Estate Fund 4, an alternative closed-end fund that invests in office, retail and logistic facilities across the Baltic states.
The investment was signed in Vilnius, Lithuania, on May 16 by Viljar Arakas, CEO of EfTEN Capital, and Vlaho Kojakovic, EBRD director, property and tourism, according to a statement from EBRD. EfTEN Capital, the largest real estate fund manager in the Baltic states, controls the private equity fund.
The equity fund was established in Estonia in October 2018 to invest in commercial properties across Estonia, Latvia and Lithuania using core and core-plus strategies.
It is the first in the region to adopt climate priorities and green objectives as integral aspects of its operational mandate, according to the EBRD