Luxembourg asset and investment specialist REInvest Asset Management has acquired the headquarters of SEB Bank in Vilnius on behalf of the Dereif SICAV FIS pan-European fund.
The vehicle, which is mostly invested by a major German insurance company, bought the asset from Lords LB Special Fund II in its first investment in the Baltic States. The partners have agreed not to disclose the investment volume.
'Due to its size, the Baltic market is a niche. But it offers solid economic fundamentals, future prospects and positive returns which are currently difficult to achieve in other European capitals,’ said Hans Stuckart, managing director of REInvest Asset Management.
‘This Lithuanian premium property with an excellent tenant and a particularly sustainable focus fits perfectly with our investment criteria and our fund strategy,’ added Martin Nolting, executive director business development at REInvest Asset Management.
Lords LB Special Fund II started the development of the 13,000-m2 office complex in 2016. Located in Vilnius' main business district, the building will aim to achieve the BREEAM "Outstanding" sustainability certificate in the coming months. SEB Bank, the sole tenant, moved in during the summer of 2020.
‘The real estate market in the Baltic States remains active and stable. Sustainable and environmentally friendly buildings are becoming more attractive to both large international investors and class A tenants. We are pleased that the real estate project for the SEB Bank's headquarters not only met the extremely high criteria required by the tenant but also, in line with our fund's strategy, was successfully divested to a large international investor starting operations in the Baltic region,’ noted Marius Žemaitis funds manager of Lords LB Special Fund II.
Newsec advised the vendor while CBRE acted for the buyer.
