Financial details were not disclosed.

The 33,000 m2 logistics centre on the outskirts of Tallinn was acquired for the East Capital Real Estate IV fund.

The sale-and-leaseback transaction will see JNG's logistics company Via 3L continue to occupy the building on a long-term lease.

Newsec in the Baltics, in cooperation with Redgate Capital, advised the seller.

'Interest from investors was very strong in terms of the proposed yield levels and the number of investors. Logistics properties with long-term leases and attractive tenants remain one of most desired commercial real estate asset classes in Estonia on the part of both local and foreign investors,' said Indrek Mihhels, a partner at Newsec transactions advisory in Estonia.

The logistics park at Kalmari Road 10 in the Estonian capital was built in two phases, in 2006 and 2014.

Buyer East Capital manages four real estate funds, with a total property value of €454 mln, including 240 000 m2 of logistics properties, making them largest institutional asset manager of logistics premises in the Baltics.

The transaction was structured as an asset deal. It will take effect after authorisation by the competition authority.

The law firm Walless was legal advisor on the seller side, with Ellex Raidla providing legal advice to the buyer.