We advised real estate development company Darnu Group on the sale of the second building – East Hill – in the Park Town business centre. This is one of the largest commercial property sale transactions completed in the Baltics this year.
The 15,000 m2 Class A office building was acquired by an investment company jointly owned by the Zenith Family Office and the Dao Family Office. These buyers also acquired Park Town West Hill in 2018.
Smooth execution of the transaction
Noted Neringa Rastenytė-Jančiūnienė, head of investment transaction group at Newsec – the real estate services company which mediated the transaction: “Although this sale was agreed much earlier, it is worth noting that, despite extraordinary circumstances, the transaction received bank financing and did not deviate from the agreed time schedule.”
Darnu Group general director Sigita Survilaitė-Mekionienė is quoted in the press release as saying: “Both buildings of Park Town business centre complement each other – it is one complex, which we aimed to sell for one owner”.
Among the companies located in the East Hill office building are Yara International, TIA Technology, MarkMonitor, Arctic Adventure, Glera Games, Mars Lietuva, Lithuanian Basketball League (LKL). In the autumn of 2020, one of the largest audit tax and business consulting companies ‒ KPMG Baltics ‒ will move into the building as well.
Our services and project team
We advised the client on all legal and tax issues related to conclusion and completion of the transaction, including structuring the transaction, negotiations, drafting and signing the agreements and completion documentation. Our team, consisting of senior associates Lina Barniškienė, Indrė Ščeponienė, Gerda Skirbutienė and Agnė Sovaitė, was led by counsel Simonas Skukauskas.