River Mall, Credit: EfTEN Real Estate

EfTEN Real Estate Fund 4 acquired shopping centers in Kaunas

EfTEN Real Estate Fund 4, a fund managed by “EfTEN Capital” AS, acquired the shopping center “River Mall” and business center “River Hall” in Kaunas.

The seller of the objects is UAB Sirin Development, which has developed more than 300,000 sq m of commercial and industrial real estate in Lithuania, Latvia and Russia. The company is currently growing and through 2019 plans to invest 100 million euros in logistics parks in the Baltic, Russian and Romanian markets. The acquisition of shopping and business centers was financed by Swedbank. During transaction the buyer was advised by law firm FORT. The transaction is closed and the price is not disclosed according to an agreement between the parties.

The location of the objects is ideal for their purpose: convenient office and retail buildings are located in the city center, on one of the main streets of Kaunas; Jonavos Street, near the Old Town, in a rapidly developing business area near the Neris River.

According to Viljar Arakas, CEO of EfTEN Capital, Kaunas commercial real estate market is developing intensively and can offer high quality attractive products for institutional capital. “Kaunas is the fourth largest city in the Baltic States, we believe in its perspectives and think that today Kaunas’ market has one of the best commercial real estate prices and quality ratios in the region,” said Arakas.

River Mall is a state-of-the-art shopping mall with 11,280 sq m of space. At the moment there are 29 tenants: Maxima, IKEA, Topo centras and others. River Hall business center with 8,680 sq m premises leased to 7 tenants. The main tenants of the class A business center River Hall are IT companies Hostinger, Oracle, Juvare.

“River Hall and River Mall projects fit in well with our investment strategy: a growing Kaunas market, an extremely attractive project location, top tenants in shopping and business centers, high quality buildings, a professional developer and property manager are key factors leaded to decision to invest,” commented Arakas.

“We are delighted to have turned the brownfield factory site into an attractive investment project, which has been valued by the buyer EfTEN Capital. In our business every project has a beginning and an end, this deal does not mean that we leave Kaunas, on the contrary, we are satisfied with the results and at the moment we are developing Kaunas Logistics Center at Martinavos str.,” said Laurynas Kuzavas , Head of Sirin Development.

The seller was advised by the real estate consultancy Newsec.

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

Sparkle PR Group became the official PR office for The Outlet Moscow in Russia

Sparkle PR Group announces the start of cooperation with The Outlet Moscow whose PR interests the Agency will represent in Russia.

A mural victory: the Kings Road celebrates street art project

Celebrating the end of a successful year of Arts, Sloane Stanley has announced the latest street art installation just in time for Christmas. The festive scene is the seventh to appear on the King’s Road this year, and features a forest scene with skating rink alongside a warming winter hearth by artist Antonio Rodrigues Jnr.

Kate Spade New York & Mint Velvet launch at Liverpool One

Following a strong year for its retail leasing strategy, Grosvenor Europe has officially announced the launch of Kate Spade New York’s pop-up store and Mint Velvet’s new boutique at Liverpool ONE.

With EXPOHALLE, Unibail-Rodamco-Westfield further expands its extensive leisure facilities at Centro

Unibail-Rodamco-Westfield and the future operator Explorado Group will open the new EXPOHALLE on the promenade of Centro in Oberhausen in March 2020. The approx. 2,800 sq m hall will be a platform for various events, leisure and entertainment exhibitions. The first highlight will be a multisensory and interactive exhibition of the "Smurfs", which has already made successful stops in Paris and Brussels.

Festive lights from Manhattan to Shanghai result in record sales for MK Illumination in 2019

The world market leader in festive decorative lighting has once again declared a record turnover in 2019, with worldwide growth in retail and city markets as well as in its new Light Park event solutions.

Lush scents success as it relocates to Centre:mk

Opening in time to benefit from centre:mk’s significant Christmas trading period, during which footfall is anticipated to exceed seven million visits, Lush, the handmade bath art and cosmetics brand, has recently launched a 2,793 sq ft store in centre:mk.