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Eften buys Evolution

Alex Hayes 08 June 2018

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

LITHUANIA Eften Real Estate Fund III has acquired the 6,000 sqm Evolution business centre complex in Vilnius for EUR 9.02 mln.

According to EfTEN Real Estate Fund III AS board member Viljar Arakas, “Evolution” is a modern ten-floor business centre in the northern part of Vilnius which will make an excellent addition to the opportunistic investment strategy of EfTEN Real Estate Fund III AS. The biggest lease holder in Evolution today, Telia, will be moving to new premises at the beginning of next year so all its currently held office space will be made available for new tenants. “We see a high demand for office space in Vilnius and Evolution is our opportunity to provide modern office space at a reasonable rental price. The initial yield at 100 pct occupancy rate is 8 pct per annum, which is an attractive return of investment from our fund’s point of view,” said Viljar Arakas.

Colliers International has valued the property on a fair value basis at EUR 10 mln.

Currently the 6 172 sqm of the total leasable space is occupied by 15 tenants including Eurovaistine, Grifs AG, Compensa Life, Akzo Nobel Baltics, Telia, Linus Medical and Dussmann Service.

The building, chich first opened in 2009, has parking facilities for 229 vehicles


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