Baltic Horizon sells share in parking house of Europa Shopping Centre to UAB

The owner of Europa Shopping Centre in Vilnius, BH Europa UAB, an SPV of Baltic Horizon real estate fund, signed and closed a real estate sale and purchase agreement with UAB “Prime Location Property Fund” on Friday, 30 December 2022, following the end of the Nasdaq trading day, to sell its share in the parking house of Europa Shopping Centre which was previously co-owned with the purchaser. The agreement stipulates certain guarantees to ensure sufficient parking spaces required for the proper operation of the shopping centre as well as the possibility to provide free parking for the clients. Baltic Horizon Fund remains the sole owner of the Europa Shopping Centre.

The sales price is €4 million (excluding value-added tax, if applicable). The proceeds of the transaction were used to optimise the balance sheet structure and reduce the financial leverage of the Fund. Following the transaction, the Fund’s outstanding loan balance will decrease by €3.5 million.

This signifies a positive change in the relations between the neighbours. The sale and purchase agreement includes a clause whereby the purchaser undertakes to waive all historical disputes in regard to the parking house.

“We are satisfied to have completed the sale of half of the Europa parking house to the co-owner. Under sole ownership, our neighbour will complete renovation of the entire parking house for the use of both the Europa Shopping Centre and office building,” said Tarmo Karotam, fund manager of Baltic Horizon.