BPT Optima acquires the shopping center Molas in Kaunas, Lithuania
6 October 2005
Related to
BPT Optima
A couple of months ago investment fund BPT Optima acquired
Klaipėda's largest shopping center BIG, now it became the owner of
shopping center "Molas" in Kaunas.
BPT's third investment fund BPT Optima, investing directly in
commercial properties in the Baltic countries, debuted successfully
having closed two real estate transactions (both on the territory
of Lithuania) within past two months. At the beginning of September
BPT Optima acquired shopping center "Molas" in Kaunas through its
subsidiary in Lithuania.
Shopping center "Molas" is one of the first shopping centers
developed as an investment property in Kaunas. It was strategically
developed during past year and a half, to become the inviting place
for everyday shopping and entertainment in the neighborhood for
Kaunas' residents and their families. It occupies an area of 21,
000 sq. m. where customers can find one of the leading supermarkets
Maxima of VP Market retail chain, the first furniture and household
goods store Jysk in Kaunas, and one of the first and popular Čili
Pica pizza chain restaurants.
Since the center was opened at the beginning of 2004, private
capital company Vegida UAB took the responsibility of shopping
center management and post construction development. In the past
year Molas' format and layout were updated, and new strong
operators were introduced, which has led to positive changes in
customer flow. Currently, the average customer flow is over 10, 000
per day.
BPT Optima's Chief Financial Officer Algirdas Vaitiekūnas
commented on the deal: "shopping center "Molas" is particularly
attractive to BPT Optima fund because its potential is still not
fully utilsed. In December of 2005 one of the most modern bowling
clubs in Kaunas, containing 10 bowling alleys, will be open to
visitors. We also plan to start reorganization of the area of the
shopping space currently occupied by "Senukai". This area can
indeed be used to develop more vibrant and popular commercial
activity for local market".
Darius Krasaitis, one of the two owners of former shopping
center administrator Vegida UAB, is also confident in successfully
developed center format: "we are glad that in one year and a half
we managed to transform "Molas" from quite a chaotic shopping
center into an investment object attractive to the biggest
institutional investors in this region. We are sure that the center
will maintain its strong position in rapidly expanding shopping
center market in Kaunas. We therefore shall remain a long-term
partner of this shopping center, investing into entertainment area
through a related company."
Currently BPT Asset Management manages three shopping centers in
Lithuania: "Europa" in Vilnius, "Molas" in Kaunas and "BIG" in
Klaipėda. Additionally, it owns four office buildings in Vilnius
and two logistic centers located in Kaunas and Vilnius.
BPT Optima's legal advisers on this last transaction were
professionals from law firm "Lideika, Petrauskas, Valiūnas ir
partneriai" (member of leading law firm group in the Baltic States
"LAWIN"), financing was guaranteed by Nordea Bank Lietuva, and
Seller's transaction adviser was real estate consultant company
Re&Solution and lawyer Artūras Vaišvila.
For more information on BPT contact:
Group Chief Financial Officer Algirdas Vaitiekūnas
Phone: +370 5 231 36 38
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