Ellex advised Baltic Sea Properties and ADAX on the sale and leaseback transaction

EfTEN Real Estate Fund III AS acquired two industrial buildings in Panevėžys, Lithuania in a sale and leaseback transaction of 10 million euros without VAT.

The buildings were acquired from ADAX and Baltic Sea Properties, a Norwegian-listed real estate company investing in the Baltics, mainly Lithuania. The transaction was co-financed by Šiaulių bankas.

The sellers – Baltic Sea properties and ADAX – were advised by law firm Ellex Valiunas and its associate partner Ms. Julija Nikitaravičienė.

The buildings are located right next to Via Baltica, within the limits of Panevėžys, which means very convenient access both for the employees and for the transportation of goods. Gross leasable area of buildings constructed in 2007–2008 amounts to over 20,000 square meters and they are very suitable for most light production or assembly type of business activities. According to the general plan of Panevėžys, the territory around the property is planned as industrial and warehousing zone.

Currently there are two tenants in the buildings, AQ Wiring, an electrical systems manufacturer, and ADAX. ADAX manufactures household and commercial electric heating products.

In total, the investment portfolio of EfTEN Real Estate Fund III AS encompasses now 16 properties, in addition to industrial buildings in Panevėžys: Pirita Pansionaat in Tallinn, DSV logistics centres in Tallinn, Riga and Vilnius, a sales and service centre of ABC Motors in Tallinn, two Hortes garden centres and Laagri Selver retail centre in Tallinn, Piepilsetas Logistics Centre and airBaltic headquarters in Riga, Evolution business centre, Saulės Miestas retail centre in Šiauliai, as well as three office buildings in Vilnius: Laisves 3, Ulonų and Rutkausko.