Mid Europa Partners is a 33% owner of Baltic Rail Services which completed the sole for €150m to the Republic of Estonia of 66% of the share capital of Estonian Railways, which was acquired by BRS in 2001 for €64m. BRS will also receive dividends of nearly €10m. Following the completion of the sale and repayment of BRS’ debt, Mid Europa will receive US$54m. Mid Europa also provided a mezzanine loan of $23m which was refinanced by Nordea and repaid in 2003. Through the proceeds of the sale and earlier mezzanine loan Mid Europa will achieve a return of more than 2.4x on the investment with an IRR of 35%.