EUROPA SHOPPING CENTER IN VILNIUS HAS A NEW OWNER

Baltic Property Trust Secura A/S, which is currently in voluntary liquidation, has completed the sale of its largest property, Europa shopping center.

The asset has been acquired by the Baltic Opportunity Fund, managed by Northern Horizon Capital. The value of the deal was not disclosed. The mall is located in the business hub in central Vilnius and has some 22,600 sq m of GLA. The sale is one of the last steps in realizing value for Secura shareholders, mainly Danish and Finnish institutional investors, following the previous sale of nine out of 11 properties once held in Secura’s portfolio in the Baltics.

“We see this deal as a huge success based on thorough preparation, a structured tender process, and the investor being carefully selected. We know the value of the asset, it has great potential, and we’re glad we are handing it to a buyer who will ensure continuity and further value growth for its shareholders,” says Algis Vaitiekunas, Fund Manager of Secura. He further adds that “Europa has been a landmark and financially successful asset for our investors in the Secura Fund ever since acquiring it back in 2004. It has proven to be a very stable asset during periods of extremely high growth, a dramatic financial crisis, and now a period of normalized and stable growth in the Baltics.”

“At Baltic Opportunity Fund we are very excited to acquire such a landmark property in Vilnius’s CBD that, in our opinion, holds great potential in its current life cycle in its location in the developing Konstitucijos district. This acquisition is in line with our strategy to acquire properties that are centrally and strategically located in the capital cities of the Baltic countries. As the new owner, we shall continue to manage the property professionally, attracting world renowned fashion labels as tenants and keeping an eye out for income enhancements wherever feasible,” says Tarmo Karotam, Fund Manager of the Baltic Opportunity Fund.

Related

Subscribe to ACROSS Magazine

Across print & digital

Enjoy ACROSS – The European Placemaking Magazine on your desktop, tablet, or smartphone.

Latest Print Issue

Top