Deka Immobilien makes first Lithuanian office buy
Deka Immobilien has paid €156 million ($171 million) for an office complex in Lithuania in what is being called the largest office transaction in the history of the Baltics.
The seller was UAB Schage Real Estate AS, a Lithuanian subsidiary of Schage Einendom AS, a Norwegian developer and real estate portfolio company, according to Property Magazine International.
The “Quadrum” asset is situated in the CBD of Lithuanian capital, Vilnius, and is one of the largest office complexes in the Baltic region. It features 44,000 square meters (473,612 square feet) of let leasable area, three levels of underground parking and is anchored by Blackstone and DNB/Nordea’s Luminor, the third-largest commercial and retail bank in the region.
The firms occupy 30 percent of the total area, with 35 local and international tenants at the site.
The complex was acquired on behalf of Deka’s value-add real estate fund, Deka ImmobilienGlobal, which has a diversifi