Sorainen advised CPA:17 – Global on the acquisition of a modern Class A central logistics facility located in Kaunas and signing a long-term lease agreement with Kesko Senukai, a leading Do-It-Yourself retailer in Lithuania and the Baltic States. The property was purchased for approx €60 million, including associated acquisition fees and expenses.
CPA:17 – Global is managed by affiliates of W. P. Carey Inc., a leading internally-managed net-lease real estate investment trust based in the U.S. that provides real estate-based financing solutions primarily for companies in the U.S. and Europe.
Arvi Luoma, Executive Director of W. P. Carey Inc., commented: ‘We are pleased to have completed this transaction, which builds on our knowledge and expertise in Central and Eastern Europe. The acquisition of a critical asset leased to a strong tenant with leading market share and in a sector recognized as one of the most promising in the Baltic States is an attractive addition to CPA®:17 – Global. This transaction is another example of how W. P. Carey is able to structure investments in existing net leased properties that meet our established criteria, while addressing the current financial objectives of the seller and the longer-term requirements of the tenant.”
The purpose-built facility is the primary central distribution warehouse for Kesko Senukai. The facility serves all of Kesko Senukai’s stores in Lithuania and the majority of its other Baltic retail sites. The net lease has a term of approx 15 years.
Sorainen advised W. P. Carey Inc. and CPA:17 – Global on all transactional and long-term lease related questions. The Sorainen team was led by partner Kæstutis Adamonis and associate Karolis Kunigėlis.