Baltic Horizon Fund closed the acquisition of the “North Star” Business Centre from UAB “Prosperus Strategic RE Fund”. The purchase price is EUR 20.7 million, which corresponds to an estimated entry yield of approximately 7.3%.
North Star is located on Ulonu str. 2 and Verkiu str. 23, near the central business district of Vilnius. The property features 10,600 sqm of leasable area and a number of strong international as well as local tenants among which the anchor tenant is Lithuanian State Tax Inspectorate. The office complex also includes an underground parking facility with 370 places.
As part of the transaction, the seller subscribed for 3,772,731 Baltic Horizon Fund units for the amount of EUR 5 million as announced on 2 October 2019. The first trading day of new units on Nasdaq Tallinn is expected to take place on or around 17 October 2019 instead of previously announced 14 October 2019.