ECEX to acquire office property Vertas in Vilnius
- purchase price EUR 29m
East Capital Explorer AB (publ) (“ECEX”) today announced that it has signed an agreement to acquire Vertas, an A class office building in central Vilnius, from Laurus, a joint venture between Partners Group and Northern Horizon Capital. The purchase price is EUR 29m, corresponding to a yield of approximately 6.5%. The transaction is expected to close during the summer.
The 15-floor office property Vertas was built in 2007 with a gross leasable area of 9,400 sqm. Since then, Vertas has been one of the premier business centers in Vilnius. It is currently fully occupied by strong tenants including Citco, Delfi, ESFA and Handelsbanken, among others. The building is situated next to the Parliament, close to both the city center and the developing CBD, offering panoramic views over the city. Vertas was the ﬁrst building in the Baltics to obtain BREEAM in-use sustainability certiﬁcation in 2014.
The acquisition of Vertas strengthens ECEX’ position in the A class office market in Vilnius, where the Company since 2014 owns the 3 Burės office complex. The combined leasable area of Vertas and 3 Burės, which comprises two existing buildings and an ongoing development of a third building, will exceed 50,000 sqm.
The property may initially be financed by 100% equity.
Mia Jurke , CEO, East Capital Explorer, +46 8 505 885 32
Lena Krauss , CFO, East Capital Explorer, +46 73 988 44 66
About East Capital Explorer
East Capital Explorer AB (publ) is a Swedish investment company with a net asset value of EUR 248 million, offering unique investment opportunities in Eastern Europe, where the Baltic countries represent the company’s largest investment region. The company primarily invests in unlisted assets within the private equity and real estate segments. East Capital Explorer’s main investment theme is domestic growth and the company targets fast growing sectors such as real estate, consumer goods and financials. East Capital Explorer is listed on Nasdaq Stockholm, Mid Cap.
Nasdaq Stockholm, Mid Cap -
Reuters: ECEX.ST - Bloomberg: ECEX SS Equity
This information is information that East Capital Explorer AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on 6 April 2017.