We are delighted to start cooperation with Šiaulių bankas which will now become the main financial partner of Baltic Horizon Fund in Lithuania. The EUR 26 million financing provided by the bank is not only on better terms but is also larger than what we have had so far. The increased funding has become available due to the successful performance of Baltic Horizon Fund’s assets in Lithuania – Europa Shopping Center and North Star office complex. Over the past few years, one of the biggest challenges for businesses has been the cost of financing sources for expansion. This cooperation will enable the Fund to significantly reduce its current funding costs and to focus on further development of the properties managed by the Fund, said Tarmo Karotam, Fund Manager for Baltic Horizon Fund.
According to Tarmo Karotam, 12 leases – representing almost 3,000 square metres of commercial space – have been signed with new tenants in 2023 in Europa Shopping Center alone. Europa Shopping Center won the BREIA award for “Best Shopping Centre in the Baltics”.
Furthermore, North Star office complex signed lease agreements for just over 2,700 square metres of commercial space. North Star office building recently reached 100% occupancy, with net operating income (NOI) growing by 9% year-on-year.
“We value Baltic Horizon Fund’s experience and the results of its facilities in Lithuania, and, therefore, we see an opportunity to contribute to the further development of projects that are important to the residents of the capital. With the renovation, Europa Shopping Center is taking on a significant role in the fast-growing Central business district (CBD) of Vilnius,” says Kęstutis Grinius, Head of Corporate Clients Department, Vilnius region of Šiaulių bankas.
Baltic Horizon Fund, the owner of Europa Shopping Center, has a portfolio of 12 properties in the Baltic capitals, total value exceeding EUR 250 million.