Baltic commercial real estate fund manager Eften has announced the acquisition of the Ryo shopping centre in Panevežys, Lithuania, from the Finnish family-owned company Pontos.
With a value of €47 mln, the transaction is one of the largest real estate deals in the Baltics this year. It reflects a yield of over 8%.
The asset, which is earmarked for the Eften Real Estate Fund 4, is the biggest mall in the city and provides 24,300 m2 of leasable area on one floor as well as 950 parking spaces.
The centre was fully renovated by Pontos in 2014 and is currently let to 132 tenants.
'Following the purchase of Kadrioru Business Centre, Ryo is an important addition to our portfolio as it will start producing positive cashflow from day one,' said Viljar Arakas, CEO of Eften Capital.
Eften Capital will integrate Ryo into its Latvian and Lithuanian shopping centre management structure which is already managing Domina centre in Riga, Saules Miestas centre in Siauliai and RAF centre in Jelgava.
The transaction was brokered by Newsec and financed by Swedbank.
