Rutkausko office building
Rutkausko office building
Rutkausko office building_2
Rutkausko office building
EfTEN Real Estate Fund III AS acquired through its subsidiary Rutkausko UAB in Vilnius the Rutkausko office building where the anchor tenant is international IT firm Atea. The transaction was closed on Friday, 14 August 2020.
Total value of the transaction is 11.8 million euros, of which 4.5 million euros is financed from uninvested equity of EfTEN Real Estate Fund III AS and 7.3 million euros by SEB bank with loan margin of 2,1%. Average net entrance yield of the project is 7.1%. The property was sold by Sonex Consulting UAB. With the current transaction all equity in the fund is fully invested.
“We decided to go against the flow in a time where transactions with commercial properties are uncommon and expand the portfolio of EfTEN Real Estate Fund III AS with a modern office building in Vilnius with a strong anchor tenant. After meticulously mapping the commercial property market in the Baltics, the Rutkausko office building with sales price of just over 1’700 EUR/m² of leasable area was the best available option and we made the investment decision,” said Viljar Arakas, Member of the Management Board of EfTEN Real Estate Fund III AS.
The Rutkausko office building was constructed in 2014 and encompasses in eight storeys over 6,800 sq m of gross leasable area, of which 71% is leased for a long term to Atea. There are two other tenants in the building, which is located in Viršuliškės, is in close proximity to both central business district, Old Town and residential cluster in Vilnius. The building is at the intersection of two busy roads Pilaitės ave and Vilnius Western Bypass, the latter being a strategically important connection between the northern and southern parts of the city.
The property will be acquired by a subsidiary of EfTEN Real Estate Fund III AS, Rutkausko UAB, registered at Verkių St 25C, Vilnius, the Republic of Lithuania. The company’s founder and 100% shareholder is EfTEN Real Estate Fund III AS and the company’s equity capital is currently 2,500 euros, consisting of 100 units with a nominal value of 25 euros each. As part of the transaction, the company's share capital will be increased by 1,500 euros, for which EfTEN Real Estate Fund III AS will pay a capital payment of 1,500 euros and a share premium of 4,556,000 euros. After the increase of the share capital, the amount of the share capital will be 4,000 euros. The managing director of Rutkausko UAB is Laurynas Žilys, Country Manager Lithuania of EfTEN Capital.