We advised closed-end real estate investment fund Lords LB Baltic Fund III on the sale of a shopping centre in Marijampolė.
The site has been acquired by Rivona for an undisclosed amount.
The first site from the fund’s portfolio sold in Lithuania
The shopping centre has been operating since 2006; Lords LB Baltic Fund III acquired it as part of its portfolio in 2013. The total area of the shopping centre is 7000 m2, and its parking places can accommodate 196 cars.
Efim Hiterer, fund manager at Lords LB Baltic Fund, comments: “This is the first portfolio site sold in Lithuania, where the activities of supermarkets are subject to stricter restrictions related to the pandemic and therefore the processes take time. Given the current situation, investors are also cautious about the sustainability of rental income, but after many waves of restrictions, most have learned to more accurately forecast possible development scenarios, which helps with completing negotiations that take months or even years.”
Our services and project team
Our team advised the fund on various matters related to the transaction. The team consisted of partner Kęstutis Adamonis, and senior associates Indrė Peledaitė and Julija Kirkilienė, as well as associate Simonas Šlitas.