The A class business centre “Arka” in Kaunas, developed by the international raw materials trading group “Imlitex Holdings”, is being sold to an undisclosed investor.
The sum of the transaction and the buyer will not be disclosed until the transaction is finalized, - “Imlitex Holding” states to VŽ. The advisor was a real estate services enterprise “Newsec“; legal advice was provided: to “Imlitex Holdings“ by “Cobalt“, to the buyer – by “Ellex Valiunas“.
“Imlitex Holdings” invested 14 million EUR into the business centre with11 600 sq. m of total area, which opened its doors in March this year. The business centre was absolutely full during the opening days. Now, as stated by the company’s CEO, “Imlitex Holdings” decided to disengage from the non-core activities of the group.
“We decided that we want to move into a modern office, however, we did not find the one that would suit our needs and decided to develop this office space ourselves . A few years later, our plans became reality and today it is the 4th month that we are working in these new modern offices. The building is located in the heart of Kaunas, and we hope it will become the central business area in Kaunas Real estate management is not our core activity, so after reaching our goal of moving into modern offices we decided to sell the building. We will continue working in this office space byrenting it from the new owner”, – stated “Imlitex Holdings“ CEO Renatas Augustinas.
According to “Newsec“, this is the first real estate transaction of this scale in Kaunas. Bernardas Velikonis, “Newsec“ investment adviser, says that the high interest they received from investors showed that the market players take a favourable view of Kaunas’ office market.
“We see a tendency that Kaunas is becoming more and more attractive to real estate investors and is overtaking Vilnius when we look at transactions’ activity. This not only shows the potential of the Kaunas’ market but also confirms some sluggishness in Vilnius.” – says Mr Velikonis.
According to the real estate services company’s estimations, more than 30 000 sq. m of modern office space was rented in Kaunas during the first six months of this year. In addition, most of the new objects are being opened already at near-to-full occupancy, with less than 15% of available area for rent. Mr Velikonis predicts that because of the promising labour market, growing foreign investments and dynamic real estate market, Kaunas is becoming an equal competitor to the Baltic states’ capitals, while, in the future, the investment scope of commercial real estate transactions may grow even more.
According to the available data of the “Inreal“ real estate development and services company, during the first six months, the availability of A class offices space in Kaunas was 14.8 %, of B1 – 13.5% and of B2 – 10.2%. For example, in Vilnius, availability of A class office space was only 1.4%.
Moreover, the newly developed Kaunas’ business centres raised the bar of quality and prices, and now the average A class office rental prices reach 12-14 Eur/sq. m, B1 – 9-12 Eur/sq. m, B2 – 6-9 Eur/sq. m.
For more details: www.vz.lt