REInvest Asset Management has acquired the headquarters of SEB Bank in Vilnius, Lithuania. The main investor of the Luxembourg-based real estate special fund is a major German insurance company. The scheme comprises 13,000m² and is located between the National Art Gallery and the Forum Palace. The complex also benefits from 218 parking spaces. The seller is Lords LB Special Fund II. The partners have agreed not to disclose the investment volume. This is the fund's first investment in the Baltic States.
"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", explained 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", says Martin Nolting, Executive Director Business Development at REInvest Asset Management.
"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 large international investor starting operations in the Baltic region," said Marius Zemaitis Funds Manager of Lords LB Special Fund II.
