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International Internet Magazine. Baltic States news & analytics Sunday, 12.07.2020, 12:16

Estonia: Baltic Horizon Fund buys North Star business center in Vilnius for EUR 21 mln

BC, Tallinn, 14.10.2019.Print version
The commercial property fund Baltic Horizon Fund has closed the acquisition of the North Star business center, the purchase price of which is 20.7 mln euros, corresponding to an estimated entry yield of approximately 7.3%.

North Star is located on Ulonu Street 2 and Verkiu Street 23, near the central business district of Vilnius. The property features 10,600 square meters 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, Baltic Horizon Fund told the stock exchange.

The fund told the stock exchange on Oct. 2 that it has closed private placements raising a total of 16.5 mln euros for the purchase of North Star. 

As part of the transaction, the seller of North Star, UAB Prosperus Strategic RE Fund, subscribed for close to 3.8 mln Baltic Horizon Fund units for the amount of 5 mln euros.

The first trading day of new units on Nasdaq Tallinn is expected to take place on or around Oct. 17, 2019, instead of previously announced Oct. 14, 2019.

Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by alternative investment fund manager license holder Northern Horizon Capital AS.

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