Termination of the lease agreement with the tenant of two of the fund's subsidiaries and reorganisation of the tenant
July 09 2024 - 9:30AM
UK Regulatory
Termination of the lease agreement with the tenant of two of the
fund's subsidiaries and reorganisation of the tenant
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