EfTEN Kinnisvarafond AS acquired a B-class office building located just afew kilometres from city centre and less than 10 minutes from the airport at 11 Menulio street. The acquisition represents latest investment for EfTEN Kinnisvarafond AS and first investment in Vilnius.
According to Viljar Arakas, CEO of EfTEN Capital and EfTEN Kinnisvarafond's fund manager, the property, being the first investment in Vilnius, is an important asset to EfTEN's real estate portfolio. "Menulio office building located in Western part of Vilnius, right at the junction of two main streets of the city has excellent connections to the city and airport which makes it a great location for commercial real estate. New investment in Vilnius, Lithuania will add further value to our portfolio," said Arakas .
The total area of the 10-storey office building constructed in 2009 is over 8 800 sq. m, office area makes up over 5 600 sq. m and the property has 136 parking places. The building was refurbished 2011 - 2013 and is well maintained. The property's main tenant is the local police authority.
EfTEN Capital AS, the fund manager, established EfTEN Kinnisvarafond, in year 2008. The fund invests in commercial real estate properties in Baltics; the portfolio of commercial real estate has a total of 22 properties in Estonia, Latvia and Lithuania. The fund gross asset value stood at 208 million euros as of end of October 2015.
EfTEN Capital AS is an asset management company founded in 2008, specializing mainly in commercial real estate investments and portfolio management. Estonian FSA licenses EfTEN Capital as a fund manager. Through the companies belonging to the group, EfTEN Capital manages 41 commercial properties with the market value of 375 million euros in Estonia and Latvia; the properties have more than 600 lessees.