Sorainen is advising real estate management and development company MG Valda on the sale of the Park Town office complex in Vilnius. MG Valda has successfully closed the sale of the first building (West Hill) of Park Town and agreed on sale of the second building (East Hill). Transaction value is undisclosed.
Construction of the new West Hill office building in Lvovo street Vilnius with a total area of 7.2 thousand m2 was finished in 2017. The building is occupied by international office and work space rent company Regus Business Centres Vilnius, IT company Alna and other companies such as Fortevento, Trans.eu Baltic, Same System, Inventi and Tieto Lietuva.
The second building with a total area of 14.8 m2 – East Hill ‒ currently under construction on the same site is expected to be finished by summer 2019. Almost 30% of its area is already rented out and the building is expected to be occupied by Lithuanian basketball league and Glera Games.
The two seven-storey buildings will also house conference halls, a gym, cafes, restaurants, a beauty salon, a dry cleaning shop and an open terrace. MG Valda plans to invest approx EUR 40 million in the project.
Sorainen is advising the client on all transaction-related matters.
The Sorainen team consists of partner Aušra Mudėnaitė, senior associate Simonas Skukauskas, associate Lina Stroputė, plus senior associate Indrė Ščeponienė and associate Gerda Skirbutienė.