Finnish family owned private equity investor Pontos Group has acquired the Babilonas shopping centre in Lithuania for just over EUR 24 mln, slighly below the latest valuation of EUR 25 mln at end-December.
Finnish family owned private equity investor Pontos Group has acquired the Babilonas shopping centre in Lithuania for just over EUR 24 mln, slighly below the latest valuation of EUR 25 mln at end-December.
The vendor of the shopping centre in Panevezys was AIM-listed CEE investor Carpathian.
The Babilonas comprises 22,429 m2 of retail space, anchored by Norfa, Jysk and New Yorker.
Proceeds from the sale will be largely used by Carpathian to repay a senior debt of EUR 18 mln provided by pbb Deutsche Pfandbriefbank.
Newsec advised the buyer. 'We feel that volatility of other investment instruments and uncertainty of Eurozone future attracts capital to be invested to real estate asset class with stable cash flow. The Baltic States today seem to be a perfect target and timing to invest in, if you know the local market,' commented Ricardas Cepas, CEO of Newsec Baltics.
