Successful closing of largest real estate transaction in the Baltic States since the crisis

4.02.2015

SORAINEN advised the buy-side on a transaction where the Swiss-based global private markets investment manager, Partners Group acting on behalf of its clients and its new investment vehicle together with its operating partner Northern Horizon Capital acquired real estate in all three Baltic States and Poland from the ‘BPT Optima’ real estate fund. Total transaction value amounts to EUR 163 million. The corresponding real estate transaction is the biggest of its kind since the financial crisis. The portfolio of real estate objects acquired includes seven well known office buildings and retail properties in Vilnius, Kaunas, Klaipėda, Riga and Tallinn totalling approx 112,000 m2 of lettable space, as well as the large Young City urban regeneration site on the Gdansk waterfront, including the historic former shipyards.

According to Fabian Neuenschwander Vice President at Partners Group, “The portfolio acquired combines high-quality cash flow generating assets with significant further value enhancement potential and we look forward to working together with Northern Horizon to extract that value. This acquisition follows our investment strategy of buying the tail of maturing quality real estate portfolios in markets with strong fundamentals”.

Comments Kęstutis Adamonis, a SORAINEN partner and regional head of the Real Estate & Construction Team, “SORAINEN is happy to assist the buy-side in the largest real estate transaction in the Baltic States for a while. The transaction is also one more milestone deal for SORAINEN since it represents one more step towards perfection of our integrated Pan-Baltic and Belarus firm in the region”. In addition, Kęstutis records that the transaction was especially complex since teams of legal counsel for both buyer and seller in four jurisdictions had to function as accurately as a Swiss watch to complete the transaction in time and assure the interests of all parties to the transaction.

SORAINEN arranged full legal support during the process, drafting transaction documents, providing legal advice on financing and collateral matters in Lithuania, Latvia and Estonia plus support on other transactional issues related to all three countries.

The Pan-Baltic SORAINEN team was led by partners Kęstutis Adamonis and Sergej Butov with specialist counsel Urmas Volens, senior associates Augustas Klezys, Viktorija Smirnova-Čerkasa and Jane Eespõld, associates Artūras Asakavičius, Laura Ryzgelytė, Edvīns Draba and Kaija Riismaa.

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