EfTEN acquired two A-class logistics buildings in Kaunas
A closed-end core real estate fund EfTEN Real Estate Fund II AS acquired a complex of two A-class buildings, including warehouse and office premises, at Kaunas Free Economic Zone from Genesta Nordic Baltic Real Estate Fund I. Property includes 29 915 square metres of gross leasable area.
According to EfTEN Real Estate Fund II AS’ fund manager Viljar Arakas, the property located in the Free Economic Zone, at the crossroad of major countrywide transport arteries, right next to Kaunas, the second largest city in Lithuania, is an ideal location for logistics real estate.
Finding a suitable investment property for EfTEN Real Estate Fund II AS in Lithuania took over two years, according to Arakas. “The property at Kaunas FEZ is a perfect fit to the fund’s investment strategy. It is also our first acquisition in Lithuania and the fund’s first logistical real estate property in our portfolio,“ added Arakas.
Built in 2007, the property has strong long-term tenants – among them postal, parcel and logistics company Itella Logistics, book publisher Šviesa, logistics company Baltic Transline and garment producer Dubingiai.
The property at Terminalo 8 and 10 includes 29 915 square metres of gross leasable area, including office premises as well as warehouse areas. Parking lot facilitates 230 places.
The transaction price is not to be disclosed according to agreement between the parties. The transaction was advised by Newsec.