Brunswick Real Estate has sold Solaris commercial center to P&E Capital

Solaris Center, a landmark mixed-use retail and leisure destination in central Tallinn, has been acquired by P&E Capital in one of Estonia’s largest real estate transactions of the year. The acquisition strengthens P&E Capital’s growing commercial real estate portfolio in the Baltics.

Solaris is a commercial center combining modern retail and cultural entertainment offerings in a prime city-center location in Tallinn, Estonia. The property includes the largest cinema complex in the country, a concert hall, an underground heated parking facility, a strong restaurant offering and a curated retail mix including design, gifts and apparel. The total leasable area is approximately 36,000 sqm, generating net operating income of US$6.6 million from around 60 tenants.

P&E Capital is an Estonian-based family office of the Piilmann family. It engages in a broad range of investment activities across multiple asset classes and geographies, including direct investments in real assets, energy and industrials and healthcare.

Solaris shopping and entertainment center forms part of a Nordic mixed commercial portfolio originally comprising 32 properties across Sweden, Finland and Estonia. The fund structure is managed by Swedish real estate investment firm Brunswick Real Estate, together with a local asset manager, and is ultimately owned by Partners Group, the sole limited partner in the structure and one of the world’s largest private markets investors, based in Switzerland. As the fund has reached the end of its term, the owner has initiated the exit of its remaining investments, with Solaris representing one of the key assets.

Oaklins’ team in Estonia acted as the sell-side advisor to Brunswick Real Estate.