BPT acquires BIG, the largest shopping center in Klaipeda, Lithuania
4 August 2005
Related to
BPT Optima
Baltic Property Trust Asset Management (BPT Asset Management)
has acquired BIG, the largest shopping center in Klaipeda, on
behalf of its newest fund; Baltic Property Trust Optima. BPT Asset
Management is presently managing three funds in the Baltic States
and has actively invested in prime commercial properties since 2001
with plans to officially launch its 4th fund, BPT Optima, this
autumn. In Lithuania BPT Asset Management has so far acquired four
office buildings, two logistics centers, and the second largest
shopping center in Vilnius, Europa.
Project developer Baltijos Investicijų Grupė successfully
completed the full project development cycle on BIG with the
transaction closed on July 26, and plans to concentrate on new
investment projects in Lithuania and Ukraine.
BPT Asset Management's Chief Financial Officer Algirdas
Vaitiekūnas considers BIG to be "an extremely attractive real
estate product for investors given its spacious and convenient
layout, convenient location, taking into consideration its format
and well-balanced combination of leisure time activities and
stores".
One of the three owners of Baltijos Investicijų Grupė Mindaugas
Vėgėlė emphasized that he is "certain about a long-term potential
of the shopping center and is glad that it was acquired by a
professional and long-term investor who shall successfully continue
to expand the center".
BIG opened doors to the customers in December 2004 with its
anchor tenant being IKI; the second largest retail store chain in
Lithuania.
The legal adviser for BPT was the law firm "Lideika, Petrauskas,
Valiūnas ir partneriai, LAWIN". The transaction was mediated by
KOBA international real estate consultancy, and financing was
arranged by Nordea Bank Lietuva.
Contact details for more
information on BPT Asset Management:
Group Chief Financial Officer, Algirdas Vaitiekunas
Phone: +370 5 231 36 38
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