EfTEN Real Estate Fund III has established a subsidiary to acquire industrial properties in Lithuania.
The subsidiary, known as EfTEN Ramygalos UAB, acquired two industrial buildings that will be used by the electrical systems manufacturer AQ Wiring and UAB ADAX, from UAB Adax and UAB BSP Industrial Property for €10 million ($12 million).
The buildings are located in Panevėžys, and have a gross leasable area of more than 20,000 square meters (215,278 square feet). EfTEN said they are well suited 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 an industrial and warehousing zone.
EfTEN Real Estate Fund III is a public closed alternative investment fund, which invests in cash flow generating commercial properties in Baltic states. The fund has a value-add and opportunistic investment strategy and is primarily aimed at retail investors.
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