Baltic Horizon Fund has signed an agreement with UAB PREF III to sell 100% shares of BH Domus PRO UAB which owns Domus Pro office building and retail park in Vilnius, Lithuania for €23.5 million.
The Fund has been invested in the property for close to 9 years and over the period earned an IRR of approximately 15.8% and an equity multiple of 2.1. The proceeds of the transaction will be used mainly to decrease the loan obligations of the Fund and partially for the redemption of the Fund´s bonds maturing in May 2023. Closing of the transaction is expected to take place by the end of February 2023.
”The Fund got involved with financing this development project in the early stages in 2013 with additional expansions taking place in 2015 of more retail and in 2017 adding the office block. It was a successful development project in the suburbs of Vilnius which later turned into a great cash-flow generating investment. Over the years the property has been constantly occupied with an attractive tenant mix which resulted in doubling the investors’ money that was initially invested” commented Fund manager Tarmo Karotam.