March 09, 2015

Baltic Opportunity Fund acquires the Europa shopping mall in Vilnius

Baltic Opportunity Fund acquires the Europa shopping mall in Vilnius

Baltic Property Trust Secura A/S which is currently in voluntary liquidation has completed the sale of its largest property - Europa shopping mall in Vilnius. The asset has been acquired by the Baltic Opportunity Fund, which is managed by Northern Horizon Capital. The value of the deal is not disclosed. Europa shopping mall is located in the business hub in central part of Vilnius and has some 22,600 sqm of gross floor area.

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 9 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 a great potential and we’re glad we are handing it to a buyer who will ensure continuity and further value growth for its shareholders,” said Algis Vaitiekunas, Fund Manager of Secura.

He added: “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 extreme high growth, a dramatic financial crisis and now a period of normalised and stable growth in the Baltics.”

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

Baltic Opportunity Fund’s shareholders are reputable Nordic and Baltic institutional and private investors. Europa is the second investment of the Fund in Lithuania following the launch of Domus Pro Retail Park in March 2014. SEB Bank in Lithuania has been retained as the financier of the deal.

SUMMA Advisers and NEWSEC Baltics were advisors to Secura during the sales’ process of all its assets, including Europa. Lawin supported Secura on all legal matters on the transaction.

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