The closed-ended real estate investment fund Lords LB Baltic Fund III has sold the Valdeka shopping centre in Jelgava, Latvia for an undisclosed sum.
The acquiring party was not revealed. The transaction was brokered by the real estate consultancy Newsec.
Lords LB Baltic Fund III bought the 14,185 m2 and 423-car park capacity shopping centre in 2013.
Efim Hiterer, Lords LB Baltic Fund III fund manager, said: 'This property is attractive to investors not only because of its strategic location in Jelgava but also because of its long-term, well-known tenants.
'Despite the uncertainty of the first quarter of 2021 and the slowdown in investments in the retail sector, today we see a significant increase in interest in similar types of assets. This year we’ll aim to sell other similar properties managed by the fund.'
Andrius Švolka, head of Newsec's investment transactions group in the Baltics, added: 'This deal showcases the liquidity of the neighbourhood shopping centre market, whether they are in capital cities or smaller towns.
'Good access, stable and long-term tenants with business continuity in all market conditions remain the most important factors for investors.'
Established in 2012, Lords LB Baltic Fund III is a closed-ended fund for informed investors. The fund is managed by Lords LB Asset Management, an investment management company licensed by the Bank of Lithuania.
Lords LB Asset Management currently manages 12 real estate funds, two private equity funds, one energy and infrastructure fund and two investment companies.
