Baltic Horizon Fund acquired Duetto I office building located in Vilnius, Lithuania
Baltic Horizon Fund (the Fund) announced on 19th of January 2017 a plan to sign a sales purchase agreement to acquire Duetto I office property in Vilnius, Lithuania. Yesterday, on 22nd of March 2017, the sales purchase agreement was signed with YIT Kausta būstas. The purchase price under the agreement was EUR 14,6 million (excluding VAT). YIT Kausta būstas has also issued a two year guarantee for starting net operating income.
The property is located in the second high-rise office area of Vilnius, next to the newly completed western ring road. The building has 10 floors and underground parking space. Net leasable area of the Duetto I office building is 8,327 m2. The property is of A class energy efficiency. The property is anchored by Lindorff and Pernod Ricard. The Fund also obtained a call option to acquire neighboring Duetto II when the building is constructed in the future.
The transaction advice was given by Newsec and law firm Ellex Valiunas.
Fund manager Tarmo Karotam commented on the transaction as follows: “The strategy of the Fund is to invest into commercial real estate objects with strong tenants across Baltic capital cities. The brand new energy efficient Duetto I office building is exactly the type of property that is attractive for growing near-shoring tenants such as Lindorff in the fast developing city of Vilnius.”
The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.
Baltic Horizon Fund manager