UAB Sonex Consulting has sold the business centre at J. Rutkausko St. 6 in Vilnius to the investment fund Eften Real Estate Fund III for €11.8m. The deal was brokered by Newsec. The eight-storey administrative building with a gross area of 6,948m² is in the Virsuliskes neighbourhood near Vilnius’s bedroom districts, at the intersection of two busy roads – Pilaite Ave. and the Vilnius western bypass. The latter is a strategically important link between the northern and southern parts of the city. Most of the space in the business centre, which was built in 2014, is leased by the IT company Atea under a long-term lease agreement. The property also has two other tenants.
“Having big financial capabilities, we’re always on the lookout for new acquisitions. The existing supply on the commercial real estate market in the Baltics is limited, but this business centre in Vilnius fully met the EfTEN Real Estate Fund III’s investment criteria due to the property’s strategically convenient location, stable and reliable tenants, and attractive price,” said Laurynas Zilys, the CEO of Eften Capital Lietuva.
“The property on Rutkausko Street attracted big investor interest and competition. In today’s context, that’s a positive sign for the entire commercial real estate market, and the deal value reflects the 2019 average for class B office transactions. We also observe that, despite projections for slower take-up of class B offices over the next couple of years, business centres located in a strategically good part of the city with reliable tenants remain of interest to investors,” said Andrius Svolka, Head of Investment Transactions in the Baltics at Newsec.
