Deka Immobilien has paid €156.1m to buy one of the largest office complexes in the Baltic region.
Baltics real estate services firm Newsec said it has acted as advisor for Schage Eiendom on the sale of the Quadrum BC building in Lithuania’s capital, Vilnius to the German real estate manager.
The deal, which is expected to close within two months, is the third investment by Deka in Lithuania. The manager owns the Akropolis SC and BIG SC shopping centres in Kaunas and Vilnius respectively.
Quadrum BC, built in three stages between 2016 and 2019, has over 44,000sqm of net leasable area.
The asset is anchored by the Baltic commercial and retail bank Luminor, which occupies roughly 30% of the fully leased asset.
Kjetil T Hanssen, CEO of Schage in Lithuania, said this transaction shows that Quadrum BC satisfies institutional investors’ quality requirements for a modern business centre.
“Quadrum is the first such centre in the country to have been designed and built according to BREEAM international standard for sustainable buildings. It has been awarded by the Baltic Real Estate Investment Forum as the best office building in the Baltics.
“Quadrum stands out not just for the quality of the building and the great location, but also for its full occupancy and the long-term lease agreements that have been made.”
Andrius Svolka, head of transactions at Newsec in the Baltics, said: “Interest and demand for Quadrum BC during the sale process from local and international investors was unexpectedly high given the size of the asset.
“This clearly demonstrates the improved liquidity of our markets and supports our assumption that the demand for the best quality assets in the best locations is very strong.”