Danish property fund manager BPT has divested four assets in Vilnius, Riga and Tallinn on behalf of its BPT Secura Fund.
Danish property fund manager BPT has divested four assets in Vilnius, Riga and Tallinn on behalf of its BPT Secura Fund.
BPT, advised by Newsec, SEB Corporate Finance and Summa Advisers, announced earlier this year that it planned to sell the €126 mln worth of Baltic properties held by its Secura Fund.
In total, BPT Secura Fund has now sold six of the 11 assets it previously owned. The company, registered as a Danish limited liability company, focuses on a value-add strategy for acquisition, development and refurbishment of commercial assets in prime locations.
'BPT decided to split the portfolio into several parts and we are happy to conclude transactions with different buyers, in this way denying the fact that Baltic markets are illiquid,' commented Neringa Rastenyte, head of transactions at Newsec Baltics.
The four properties currently sold comprise almost 50,000 m2 of gross floor area and were bought by Estonia- based private investor, Capital Mill.
The package includes a 22,000 m2 asset in the Zariju logistics centre in Vilnius, a 12,000 m2 office centre in Riga as well as an office and a logistic asset in Tallinn. The Zariju asset - the second largest in BPT's portfolio - was the first acquisition by Capital Mill in Lithuania and reflected the investor's plans to grow its portfolio in the Baltics.
BPT expects to sell the remaining five assets in BPT Secura in 2013.
