BPT Asset Management has secured its first real estate asset, the Lincona Office Complex in Tallinn, Estonia, for its Baltic Opportunity Fund launched in January.

Located 4 km from Tallinn Old Town, the complex provides 11,000 m2 of net lettable area with a 75:25 office retail split. It houses the new Swedbank IT division as anchor tenant, and also includes a car park for 400 vehicles.

'Lincona is a proven business location and the property has a significant rental upside potential as the Estonian economy continues to recover,' said Indrek Hääl, head of Asset Management for the BPT Group.

The fund is currently in the process of acquiring other projects in the Baltic States and is preparing for the next round of fund raising, which is taking place through the remainder of 2011. 'The real estate market has corrected significantly after the crisis hit in 2008 and BPT is excited to position the new fund at the start of the next Baltic real estate cycle,' said fund manager Tarmo Karotam.

The BPT Baltic Opportunity Fund (Estonian REIF) is a direct real estate fund investing in commercial properties in the Baltic and has an annual rate of return target of above 15%.

BPT was established in Denmark in 2001 and currently offers five property funds with more than EUR 1.1 bn in assets under management.