Partners Group and Northern Horizon have announced the sale of the last two assets in their €200 mln CEE joint venture to Grinvest, a Singapore-based property and renewable energy investor.
The assets are the Olimpia shopping center and an office campus leased to SEB, both located in Riga. As part of the transaction, current portfolio manager Antanas Anskaitis will continue managing the assets on behalf of the new owner.
‘This joint venture has been a major success, delivering an attractive risk-adjusted return to investors. All of us at Northern Horizon who worked on the project over the last 6 years take great professional pride in the final result. The great performance of this portfolio is a testament to a great partnership we have developed over the years,’ said Milda Darguzaite, CEO of Northern Horizon.
Partners Group joined forces with Northern Horizon in 2015 to manage value-add real estate investments in the Baltics and Poland. Originally consisting of seven medium-sized commercial properties in the Baltics and a large development site in Gdansk, the portfolio was enlarged in the next years with the addition of 42 properties through the acquisition of so-called Gene portfolio.
‘The performance of the Laurus Portfolio is due to the intensive asset management efforts which we jointly addressed to the underlying assets, ultimately creating value for the JV. We also take pride in having participated in the Baltics and broader CEE market growth over the last five years, a region in which we continue to invest in the logistics, office and residential sectors,’ said Marco Denari, member of management for European real estate at Partners Group.
Partners Group and Northern Horizon have carried out extensive asset management measures on the assets including rollover and new leasing in the magnitude of 40,000 m2. The assets were gradually sold off through 40 separate transactions.
