Northern Horizon Capital AS as the management company of Baltic Horizon Fund (the Fund) informs of completing the acquisition of the LNK Centre office building located in Riga, Latvia, announced to the market on the 4th of July 2018.
The total purchase price for the property under the agreement is approx. EUR 17 million, which corresponds to an entry yield of approx. 6,5%. The asset is fully leased to five tenants, of which Exigen Services and LNK Group occupy approx. 90% of the leasable area. As part of the transaction LNK Group has extended its lease agreement in the property for 10 years.
Fund manager Tarmo Karotam: „Baltic Horizon Fund is mainly focusing on value adding expansion activities within its portfolio, however, we also remain on the lookout for well- priced attractive cash flow objects, which form the backbone of the fund. In today’s real estate market with increased rents and record high square meter prices we are very comfortable to acquire LNK Centre in well-known Skanste business district with its strong tenants and competitive rental levels.“
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.
Distribution: Nasdaq, GlobeNewswire, www.baltichorizon.com