Baltic Horizon signed a binding agreement to acquire an office building from Bauplan Nord in Riga. Post-closing Baltic Horizon’s portfolio will comprise of 7 objects worth more than 125 mln EUR. This is the second deal of Baltic Horizon following its listing on Nasdaq Tallinn in July, and second object in the portfolio located in Riga.
Upmala Biroji is an office building built in 2008 by a German developer Bauplan Nord. The building is anchored by SEB and CABOT on medium to long term leases and the property is fully leased out. Net leasable area is over 10,500 m2. The property is acquired approx. at a 7,25% yield based on the first full year. The closing of the transaction is expected to be finalized during the third quarter of 2016. The deal adds on to a portfolio of quality cash-flow assets in Riga where the fund owns a neighborhood supermarket “SKY” on Bikernieku street. After the closing, the fund’s portfolio will be diversified 35% in Tallinn, 23% in Riga and 42% in Vilnius. Segment wise the portfolio shall consist of 43% office and 57% retail properties of which 10% is allocated to the leisure/retail property Coca Cola Plaza in the heart of Tallinn.
Baltic Horizon units started trading on Nasdaq stock exchange on 6 July 2016. Baltic Horizon ticker is NHCBHFFT.
For additional information please contact:
Mr. Tarmo Karotam Fund Manager of Baltic Horizon Fund Tel: +372 5089044, tarmo.karotam@nh-cap.com
