We advised the Titanium Baltic Real Estate fund, managed by the Finnish asset management company Titanium Fund Management Company, on acquiring the DIY company Kesko Senukai’s flagship stores in Vilnius, Lithuania; and Daugavpils, Latvia.
Delta turtas and SIA Daugavpils Project 1, the companies which own the stores, have been transferred to the fund by KS Holding, which is co-owned by the Finnish company Kesko, Arturas Rakauskas, and the investment group Zabolis Partners. The deal value is EUR 20 million.
First investment in Lithuania and second in Latvia
The store, which was opened in Vilnius at the end of 2021, has an area of 10,000 m². The real estate development company KS Holding invested EUR 10 million out of the total investments into the store of EUR 12.6 million.
Currently, the Kesko-Senukai store is under evaluation by the international system BREEAM.
The leased area of the store in Daugavpils is 9,000 m².
This is the first time Titanium Baltic Real Estate fund has invested in Lithuania and the second time it has invested in Latvia. In 2021 we advised the fund on acquiring the Ozols shopping centre in Riga from KS Holding.
Our services and team
We advised the client on all legal and tax issues related to the transaction, including legal due diligence on the companies and the real estate.
Our team consisted of partners Kęstutis Adamonis and Eva Berlaus; and senior associates Mindaugas Dominykas Baniulis, Julija Kirkilienė, Julius Raškauskas, Rasa Mikutienė, Līva Aleksejeva and Andris Vilisons; as well as associates Jurgita Mikučionienė and Jūlija Terjuhana, and assistant lawyer Barbora Bernatonytė.