Funds, Good for Business, Lithuania, Real Estate, Retail
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Thursday, 28.03.2024, 18:30
Fund of France's Corum buying Depo store in Kaunas
"The Depo chain decided to continue cooperation. Thanks to its active development, the chain currently operates five stores, which have a total leased area of over 110,000 square meters and more than double their turnover every year, in the country's major cities," Angela Kolesnikova, a partner with Latvia's Colliers International Advisors, said.
"Given the dynamics, we believe that Depo will become a long-term lessee of the property purchased by Corum," she added.
The deal will see Corum Origin buying, for an undisclosed amount of money, a 15,300-square-meter store with outdoor retail and parking spaces in Lithuania's second-biggest city from Kauno Bumani.
The chain invested around 20 mln euros, not including VAT, in the store that opened for business last June, according to information available to LETA/BNS.
Under a sale-leaseback deal signed in August, Corum Origin is buying a 15,800-square-meter Depo store with outdoor retail and parking spaces in Vilnius from Jaunbumani. The store was built in 2018. The value of the deal was not disclosed either.
In the Baltics, Corum Origin currently owns a production facility near Tallinn, a Prisma store in Narva, and an office building in Riga.
Depo currently has five stores in Lithuania – in Vilnius, Kaunas, Klaipeda and Panevezys.