River Mall, Credit: EfTEN Real Estate
Ticker

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

Celebrity hype at Designer Outlet Soltau with Linda Evans

Late Night Shopping with Linda Evans and Christine Neubauer on the pink carpet, live music with Alexander Knappe and Beatrice Egli and a charity tombola for "HerzPiraten".

Silent Piano Experience at Eurovea Square

Using headphones, each visitor had the experience of being in his/her own concert hall.

LCP adds another shopping center to its retail portfolio

LCP has acquired its third largest shopping center this year, purchasing the Pavilion Shopping Centre on the North Yorkshire/County Durham border.

Castellana Properties acquired Puerta Europa shopping center in Algeciras for €56.8 M

With this acquisition, the assets in Castellana Properties' portfolio amount to 18 between shopping centers, retail parks and offices.

GTC’s Galeria Jurajska was granted BREEAM certificate at the “Excellent” level

The facility confirmed its ecological fitness as it obtained BREEAM In-Use certificate at “Excellent” level in both “Asset Performance” and “Building Management” categories.

Connected Commerce: ECE and OTTO form partnership to link offline and online shopping

The online retailer OTTO and ECE, the European market leader in the shopping center sector, are creating a one-of-a-kind, cross-channel link between brick-and-mortar retail and e-commerce.