The modern office building was sold by Lords LB Special Fund II
The Luxembourgish asset and investment specialist REInvest Asset Management S.A. has acquired the headquarters of SEB Bank in Vilnius for the pan-European investing fund DEREIF SICAV FIS. Main investor of the Luxembourg-based real estate special fund is a major German insurance company. The seller is Lords LB Special Fund II. The partners have agreed not to disclose the investment volume. This is the fund’s first investment in the Baltic States.
“Due to its size, the Baltic market is a niche. But it offers solid economic fundamentals, future prospects and positive returns which are currently difficult to achieve in other European capitals”, explains Hans Stuckart, Managing Director of REInvest Asset Management S.A.
“This Lithuanian premium property with an excellent tenant and a particularly sustainable focus fits perfectly with our investment criteria and our fund strategy”, says Martin Nolting, Executive Director Business Development at REInvest Asset Management S. A.
In 2016, Lords LB Special Fund II started the development of the Grade A office complex located in Vilnius’ main business district on Konstitucijos Avenue. The building will aim to achieve the British BREEAM “Outstanding” sustainability certificate in the coming months. BREEAM stands for Building Research Establishment Environmental Assessment Method and is the oldest and most widely used certification system for sustainable construction in the UK. It was developed in 1990. SEB Bank, the sole tenant, moved in during the summer of 2020.
The total area of the office complex is around 13,000 square metres and is located between the National Art Gallery and the Forum Palace. In addition, 218 parking spaces were built.
“The real estate market in the Baltic States remains active and stable. Sustainable and environmentally friendly buildings are becoming more attractive to both large international investors and class A tenants. We are pleased that the real estate project for the SEB Bank’s headquarters not only met the extremely high criteria required by the tenant but also, in line with our fund’s strategy, was successfully divested to a large international investor starting operations in the Baltic region,” says Marius Žemaitis Funds Manager of Lords LB Special Fund II.