Cobalt has advised the Baltic Horizon Fund on its agreement with ECRE IV (Lux) for the full sale of BH Duetto – the owner of the Duetto I and II office buildings in Vilnius, Lithuania.
Closing is expected in June 2023, pending regulatory approval.
"The sale price of the assets is approximately EUR 37 million, which is close to the latest valuation," Cobalt informed. "The exact sale price will be calculated on the closing date, however, the price may be subject to post-closing adjustments. The transaction proceeds will be used mainly to partially redeem the new bond and invest in the centrally located assets of the fund."
The Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Alternative Investment Fund Manager license holder Northern Horizon Capital.
"We continue to implement the investment strategy of Baltic Horizon Fund," Baltic Horizon Fund Manager Tarmo Karotam commented. "Taking into account economic cycles, financial markets, and the opportunities provided by the development of capital cities, we shall reduce the financial obligations of the fund and redirect investment flows towards the upgrade of the unique properties in the fund's portfolio. The changes implemented in our central properties in recent years, including the Europa Center in Vilnius and the Galerija Centrs in Riga, along with the approved future strategies, ensure the achievement of long-term goals for the assets and for the fund."
The Cobalt team included Partner Simona Oliskeviciute-Ciceniene, Of Counsel Andrius Kazlauskas, Managing Associate Rasa Mikutiene, and Senior Associate Elena Venckiene.
Editor's Note: After this article was published, Fort Legal announced it had advised the East Capital Real Estate Fund IV on the acquisition. The firm's team included Partner Ruta Radzeviciute-Meizeraite, Attorney-at-Law Agne Meceliene, Senior Associate Aurelija Grigoraviciute, and Associate Gabriele Mickeviciute.