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LITHUANIA Baltic Horizon offloads Domus Pro

Investment & finance
Baltic Horizon Fund has signed an agreement to sell the Domus Pro office building and retail park in Vilnius to Lithuanian fund UAB PREF III for app. EUR 23.5 mln.

The transaction will involve the transfer of a 100 pct stake in the holding company which owns the complex, BH Domus PRO UAB.

The fund became involved with financing this development project in the early stages in 2013 with additional expansions taking place in 2015 of more retail and in 2017 adding the office block. It was a successful development project in the suburbs of Vilnius which later turned into a great cash-flow generating investment. Over the years, the property has been constantly occupied with an attractive tenant mix, which resulted in doubling the investors’ money that was initially invested.
Tarmo Karotam, the fund manager of Baltic Horizon Fund

The office section of Domus Pro has 4,831 sqm of BREEAM-certified space, leased to such tenants as Narbutas Furniture company, Kiwa Inspecta, Pristis, and Pet City. The retail park has a leasable area of 11,226 sqm and features such brands as Rimi, Fitus Gym, Hansa and F8. The two buildings are situated on Ukmergės g., about 7 km northwest of the city centre.

Baltic Horizon Fund, which is managed from Tallinn, has earned an IRR of app. 15.8 pct and an equity multiple of 2.1 on the property since its investment in it. The proceeds of the transaction will be used mainly to decrease the loan obligations of the fund and partially for the redemption of its bonds that mature in May 2023. The closing of the transaction is expected to take place by the end of February 2023.

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