Baltic Horizon Fund closed the acquisition with UAB YIT Lietuva, part of the Finnish YIT Corporation, of the newly constructed Duetto II office building in Vilnius on 27 February 2019. The purchase price is approximately EUR 18,3 million, which corresponds to an entry yield of approximately 7.1%. The sales purchase agreement for the property was signed in December 2018 with the intent to close the transaction once construction is fully 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 already owned by Baltic Horizon Fund. “The addition of this 8,500 sqm office building greatly complements Baltic Horizon’s growing portfolio. Moreover, together with the Duetto I office building bought in 2017, Baltic Horizon now owns and manages an attractive twin office complex of Duetto I and II with excellent tenants,” commented fund manager Tarmo Karotam.
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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.