EfTEN Real Estate Fund III: Completion of the construction works of the restaurant building on the property of Saules Miestas shopping center and opening of the KFC restaurant

EfTEN Real Estate FundToday, 20.05.2021, a fast-food restaurant with a drive-in, operating under the KFC (Kentucky Fried Chicken) franchise will be opened. The new separate building was built by the fund’s Lithuanian subsidiary UAB “Saules Miestas” on the existing property of Saules Miestas shopping center. This is the first new KFC restaurant in Lithuania.

The tenant of the building, “APL FRESH FOOD” UAB, will use the building on the basis of a long-term lease agreement, with a term of 10 + 10 years. The tenant will start paying the rent from the opening of the restaurant. Earlier, 03.12.2019 the fund has informed via a stock exchange announcement about the starting construction works and the conclusion of a lease agreement. The total area of the restaurant building is 330 m². The total investment to the project is 630 000 euros, plus VAT and the expected yield 10%. The construction works was financed from the cash flow of the fund’s subsidiary. The investments will be refinanced with the money raised during current issue.

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01.11.2021 Kinnisvaraturundus