The fund of Reverest Fund Management, a management company licensed by the Bank of Lithuania, has purchased Forum Cinemas Vingis, in the central part of Vilnius, Lithuania.
The asset comprises a cinema building with an area of more than 9,000 m2 and was sold by the cinema operator, Forum Cinemas. The sale-and-leaseback transaction will see the operator continue its activities on the premises with a long-term lease.
Forum Cinemas Vingis, located at Savanoriu ave. 7, is the largest standalone cinema complex in Lithuania with 11 cinema halls and can accommodate more than 2,200 spectators at a time. This cinema presents the latest film premieres, Scanorama film festival and other events.
'We are proud to have purchased this facility and are excited to cooperate with Forum Cinemas. We believe in the activities of a professional tenant and an unflinching need in the entertainment sector. We are confident in the future, location and prospects of this project,' said Justinas Galginaitis, Reverest Fund Management co-owner.
'We focus on our main activities – cinema operations, entertainment sector, so the sale of real estate was a natural and strategic decision that allow us to further develop our main activities. We are satisfied with the transaction and the further partnership with Reverest Fund Management team,' said Kristjan Kongo, manager of Forum Cinemas.
In the transaction, Reverest Fund Management was given legal advice by the law firm Walless, while the seller Forum Cinemas was represented by the real estate services company Colliers and law firm Cobalt.
