East Capital Explorer AB - East Capital Explorer to acquire Vilnius Business Harbour
East Capital Explorer AB has signed a preliminary agreement to acquire Vilnius
Business Harbour, an A Class office complex in the central business district in
Vilnius, including a neighboring land plot from the developer SPV Nekilnojamojo
Turto Gama. The initial equity commitment by East Capital Explorer is estimated
to amount to EUR 22m. The acquisition, which will be made as a direct
investment, is subject to final documentation. The total purchase price,
including equity and loan financing, will be disclosed upon closing the deal,
which is expected by the end of May.
"This investment is in line with our current strategy to increase exposure to
real estate and Private Equity in the Baltics and to build a more concentrated
portfolio of key holdings for East Capital Explorer. The Baltic real estate
sector has become increasingly more attractive providing risk adjusted returns.
We believe Vilnius Business Harbour is a strong addition to the portfolio", says
Catharina Hagberg, Acting CEO of East Capital Explorer.
The business complex was built in 2008 with a gross leasable area of 28,415 sqm.
It currently has a low vacancy rate and a strong tenant mix including TEO, Aviva
Insurance, Visma, DnB Nord, the Ministry of Finance and Nordea Finance among
others. The acquisition also encompasses an additional land plot on the
neighboring site, with development plans for a new office building.
"We are delighted to acquire Vilnius Business Harbour, one of the most modern
and well situated office buildings in Vilnius. Recovering GDP growth in
Lithuania the past years has revitalized the real estate market, and A class
office demand continues to grow. We see a great opportunity to further develop
VBH's potential and offer best quality office premises and services to our
customers", says Kestutis Sasnauskas, Partner and Head of Real Estate and
Private Equity, East Capital.
Contact information
Catharina Hagberg, Acting CEO, East Capital Explorer, +46 8 505 885 52
Lena Krauss, Head of Investor Relations & Finance, East Capital Explorer
+46 73 988 44 66
Kestutis Sasnauskas, Partner and Head of Real Estate and Private Equity, East
Capital, +46 8 505 88 523
Financial reporting calendar
· Monthly Net Asset Value report on the fifth working day after the end
of each month
· Interim Report, 1 January - 31 March 2014 on 22 May 2014
· Interim Report, 1 January - 30 June 2014 on 21 August 2014
· Interim Report, 1 January - 30 September 2014 on 7 November 2014
About East Capital Explorer
East Capital Explorer AB (publ) is a Swedish investment company, created with
the specific aim of bringing unique investment opportunities in Eastern Europe
to a broader investor base. The company makes direct investments into private
and public companies but investments are also made through East Capital's
private equity, real estate and alternative investment funds. East Capital
Explorer's main investment theme is domestic growth and the Company targets fast
growing sectors such as Retail and Consumer goods, Financials and Real Estate.
East Capital Explorer has appointed East Capital to manage its investment
activities. East Capital Explorer is listed on NASDAQ OMX Stockholm, Mid Cap.
Listing: NASDAQ OMX Stockholm, Mid Cap - Ticker: ECEX - ISIN: SE0002158568 -
Reuters: ECEX.ST - Bloomberg: ECEX SS Equity
This information is disclosed in accordance with the Securities Markets Act, the
Financial Instruments Trading Act and demands made in the exchange rules. It was
released for publication at 08:00 a.m. CET on 12 May 2014.
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Source: East Capital Explorer AB via GlobeNewswire