Baltic Horizon has closed the Upmalas Biroji deal and took ownership of the property. Baltic Horizon portfolio currently comprises of seven properties worth more than €125 million.
Upmalas Biroji is an office building built in 2008 by the German developer Bauplan Nord. The building is anchored by SEB and CABOT on medium to long term leases and the property is fully leased out. Net leasable area is over 10,500 sqm. Bauplan Nord will continue acting as a property manager for the property.
The deal adds on to a portfolio of quality cash-flow assets in Riga where the fund owns a neighbourhood supermarket SKY on Bikernieku street. Fund’s portfolio is now well diversified with 35 percent allocation in Tallinn, 23 percent in Riga and 42 percent in Vilnius. Segment wise the portfolio has 43 percent allocation to office and 57 pecent to retail properties of which 10 percent is allocated to the leisure/retail property Coca Cola Plaza in the heart of Tallinn.
Baltic Horizon units started trading on the Nasdaq stock exchange on 6 July 2016.
Income-producing properties are becoming an increasingly appreciated option for Romanian or foreign private investors who have previously been mainly active in the residential sector and who are now targeting...