Sorainen has advised Lords LB Baltic Fund III on the sale of a shopping center in Marijampole, Lithuania, to Rivona. Triniti Jurex advised the buyer.
The financial details of the deal were not disclosed.
According to Sorainen, this represents the first site from the fund’s portfolio to be sold in Lithuania. The shopping center has been operating since 2006, with Lords LB Baltic Fund III having acquired it in 2013. The total area of the shopping center is 7,000 square meters, and its parking area can accommodate 196 cars.
"This is the first portfolio site sold in Lithuania, where the activities of supermarkets are subject to stricter restrictions related to the pandemic and therefore the processes take time," commented Efim Hiterer, Fund Manager at Lords LB Baltic Fund. "Given the current situation, investors are also cautious about the sustainability of rental income, but after many waves of restrictions, most have learned to more accurately forecast possible development scenarios, which helps with completing negotiations that take months or even years."
The Sorainen team consisted of Partner Kestutis Adamonis, Senior Associates Indre Peledaite and Julija Kirkiliene, and Associate Simonas Slitas.
The Triniti Jurex team consisted of Partner Deivis Valiulis, Associate Partner Giedre Ciuladiene, and Senior Associates Violeta Kavaliauskaite-Khalil, Jaroslav Simarev, and Raminta Vilcinskaite.