EfTEN Real Estate Fund III AS acquired two industrial buildings in Panev\u0117\u017eys, Lithuania in a sale and leaseback transaction of 10 million euros without VAT.<\/p>\n
\u201cWe have discussed the terms of the transaction at length and have now agreed on the final terms, as the fund was able to finance the purchase from a recent share issue, where investor interest set our all-time record. One of EfTEN funds has a commercial property in Panev\u0117\u017eys and we are returning to the city to acquire two perfectly located production sites,\u201d said Viljar Arakas, Member of the Management Board of EfTEN Real Estate Fund III AS.<\/p>\n
The buildings are located right next to Via Baltica, within the limits of Panev\u0117\u017eys, which means very convenient access both for the employees and for the transportation of goods. Gross leasable area of buildings constructed in 2007\u20132008 amounts to over 20,000 square meters and they are very suitable for most light production or assembly type of business activities. According to the general plan of Panev\u0117\u017eys, the territory around the property is planned as industrial and warehousing zone.<\/p>\n
Currently there are two tenants in the buildings, AQ Wiring, an electrical systems manufacturer, and ADAX UAB. ADAX manufactures household and commercial electric heating products. ADAX started moving all of its production to Panev\u0117\u017eys in 2002, has developed and owned a building since 2008 and moved all production to Panev\u0117\u017eys in 2014. As of the summer 2022, ADAX UAB will be the sole tenant of the properties and the lease term will be 16 years from the moment of acquisition.<\/p>\n
The buildings were acquired from ADAX and Baltic Sea Properties, a Norwegian listed real estate company investing in the Baltics, mainly Lithuania. Linas Butkus from Realtum Advisors acted as sole advisor to both vendors in the transaction. FORT legal law firm assisted EfTEN in the transaction. The transaction was co-financed by \u0160iauli\u0173 bankas.<\/p>\n
In total, the investment portfolio of EfTEN Real Estate Fund III AS encompasses now 16 properties, in addition to industrial buildings in Panev\u0117\u017eys: Pirita Pansionaat in Tallinn, DSV logistics centres in Tallinn, Riga and Vilnius, a sales and service centre of ABC Motors in Tallinn, two Hortes garden centres and Laagri Selver retail centre in Tallinn, Piepilsetas Logistics Centre and airBaltic headquarters in Riga, Evolution business centre, Saul\u0117s Miestas retail centre in \u0160iauliai, as well as three office buildings in Vilnius: Laisves 3, Ulon\u0173 and Rutkausko.<\/p>\n","protected":false},"excerpt":{"rendered":"
EfTEN Real Estate Fund III AS acquired two industrial buildings in Panev\u0117\u017eys, Lithuania in a sale and leaseback transaction of 10 million euros without VAT. \u201cWe have discussed the terms of the transaction at length and have now agreed on the final terms, as the fund was able to finance the purchase from a recent […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-1812","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\n