East Capital Real Estate Fund IV acquires modern office complex in Vilnius, Lithuania
East Capital Real Estate Fund IV signed an agreement for the acquisition of two modern 10-storey office buildings, Duetto A and Duetto B, with a total lettable area of 17 260 square meters located in Vilnius, Lithuania. The transaction will be closed in early June 2023.
The business complex, consisting of two 10-storey buildings, was completed in 2017 and 2019 respectively by a leading Baltic developer; YIT Lithuania. Conveniently located next to Vilnius Western Bypass, which connects Vilnius suburbs to the city center, the complex provides easy access to both Kaunas and Riga highway exits.
Both Duetto A and Duetto B are fully leased and provide convenient, cost-effective, and environmentally sustainable office space that meet the demands of modern working. Among the tenants choosing the complex for their Lithuanian headquarters are well-known global and local brands such as RIMI Lithuania (part of ICA Gruppen), BASF, Intrum, Schneider Electric, as well as municipal heating and water companies.
Both buildings are BREEAM New Construction certified and will be financed with a green loan from Swedbank.
“We are very pleased to add the Duetto business complex to our growing Fund IV portfolio The new acquisition continues to follow our investment strategy - convenient and easily accessible locations in the capital city together with modern and environmentally friendly office spaces that have a strong tenant mix,” says Albin Rosengren, Partner and Head of Real Estate, East Capital Group. “We appreciate Vilnius city’s efforts to make this one of the most attractive business locations in the city with continuous investments in transportation and pedestrian/bicycle infrastructure. We look forward to adding to the success of this location through continued co-operation with the city, our tenant community, and neighbouring businesses.”
The acquisition is financed by Swedbank. "Emissions from construction and real estate operations are among the highest across all sectors. Buildings need to meet targets for reducing greenhouse gas emissions. The Duetto business center complex shares this focus, comprised of two A-energy efficiency class business centers, both certified with BREEAM’s "Very good" standard. We are therefore particularly pleased to be able to include both properties in Swedbank's green bond programme" says Ignas Mačeika, Head of Corporate Customer Division at Swedbank.
East Capital Real Estate was advised on this transaction by FORT Legal, KPMG and Projector.
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Contact information
Albin Rosengren, Partner and Head of Real Estate, East Capital Group
+46 8 505 88 550, albin.rosengren@eastcapital.com
Jessica Scott, Chief Marketing and Communications Officer, East Capital Group
+46 708 72 84 55, mediaenquiries@eastcapital.com
About East Capital Real Estate
East Capital Real Estate is a leading real estate manager that focuses on commercial real estate investments the Baltics and Central Europe, primarily in the office, logistics and retail segments. We manage three funds and one investment mandate, with a total investment value of EUR 450 million, distributed across 20 properties with a lettable area of 340,000 square metres.
East Capital Real Estate is part of East Capital Group – a global asset manager based in Sweden since 1997. We offer a range of investment solutions within equities, fixed income securities, real estate and alternatives. The essence of our business is not only to find attractive investment opportunities, but also to work to drive positive change, influencing industries around the world to become more sustainable. We have a broad range of international investors including leading institutions, companies and private individuals.
For further information, please visit www.eastcapitalrealestate.com
Important information:
Past performance is no guarantee for future performance. Fund units may go up or down in value up and may be affected by changes in exchange rates. Investors may not get back the amount invested. Full information such as the prospectus, key information documents, articles of incorporation and annual reports in English, can be obtained on our websites www.eastcapital.com, www.espiria.se, www.adrigo.se, www.eastcapitalrealestate.com, from all the local representatives, information agents, or from our distributors. Please refer to the prospectus and key information document before making any final investment decisions.
