Spaudos centras
Spaudos centras
On August 22, Lords LB Baltic Fund IV, real estate investment fund managed by the investment management company Lords LB Asset Management, signed a purchase agreement for the shopping centre GO9. The building of more than 12,000 square meters located on Vilnius Gedimino Avenue accommodates fashion store H&M, bookstore Vaga and supermarket RIMI among others.
The GO9 shopping centre is the fourth purchase of the fund since the start of its operation. The fund has acquired the object from the East Capital Baltic Property Fund II of an investment management company East Capital.
According to Manfredas Dargužis, the manager of Lords LB Baltic Fund IV, GO9 building is in a very good location and perfectly meets the investment strategy of the fund.
“This acquisition fits the strategy of Lords LB Baltic Fund IV perfectly. The object is in the very center of Vilnius and we see a great potential for growth in the long run perspective. The shopping centre has every opportunity to become more attractive for both residents and guests of Vilnius city,” said Mr Dargužis.
The closed-end real estate fund Lords LB Baltic Fund IV managed by investment management company “Lords LB Asset Management” was launched in 2015 with a goal to acquire cash-generating commercial real estate in the Baltic States.
The first property of the fund – business centre 'k29' on Konstitucijos Avenue in Vilnius – was opened three years ageo. In March 2016, the assets of the fund were supplemented by Comfort Hotel LT located on Kauno Street in Vilnius, and another addition was made in November – the EU House in Tallinn centre.
With the acquisition of the shopping centre GO9, the assets managed by Lords LB Baltic Fund IV reached more than 125 million Euros. The Fund will continue to look for invest opportunities in the Baltic States. The investment period of the fund will continue until September 2018, and the duration of the fund is up to 2022 with the possibility of extension for another 2 years.
On the acquisition of the GO9 shopping centre, Lords LB Asset Management were consulted by Colliers International Advisors, Ellex Valiunas, Ernst&Young Baltic and Caverion Lietuva. Acquisition is financed by Swedbank.
Lords LB Asset Management is an investment management company, licensed and supervised by the Bank of Lithuania. The company has been providing investment management services to institutional clients and high net worth individuals since 2008. Lords LB Asset Management manages 14 funds: 9 real estate funds, 3 private capital funds and 2 energy and infrastructure funds. The total value of assets managed by the funds reached Euro 324 million at the end of June 2017.