Baltic Horizon Fund signed a sales and purchase agreement with UAB YIT Kausta, part of the Finnish YIT Corporation, to acquire the newly constructed Duetto II office building in Vilnius, Lithuania on 18 December 2018. The purchase price is approximately EUR 18,3 million, which corresponds to an entry yield of approximately 7.1%. The transaction is expected to close by the beginning of March 2019, once construction is complete and tenants move in. The largest tenants in the property are Vilnius heating network company, Sweco and Rimi Lietuva.
The Duetto II property is located on 6 Spaudos street, Vilnius, next to the Duetto I property owned by Baltic Horizon Fund. “After acquisition is completed, Baltic Horizon Fund will own and manage an attractive office complex with some of the top tenants in Vilnius,” commented fund manager Tarmo Karotam.
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Baltic Horizon Fund manager
Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.