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Cobalt Advises Baltic Horizon on Sale of Duetto Office Buildings to ECRE IV

Cobalt Advises Baltic Horizon on Sale of Duetto Office Buildings to ECRE IV

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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.

Cobalt at a Glance

COBALT is a closely integrated alliance of top-tier law offices across the Baltics, uniting more than 250 attorneys and support staff. During 25 years of experience, we have become a strategic partner to our clients in handling both daily matters and complex large–scale transactions and disputes.

The firm’s broad spectrum of expertise and established position as the market leader gives a comprehensive basis for providing full-service business law advice.

Top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups are among our clients. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 7 times receiving Chambers Europe, IFLR, The Lawyer and Mergermarket awards, and we are regularly listed amongst the top-performing M&A legal advisors in the Bloomberg, Refinitiv and Mergermarket deal tables. Recognized as the No.1 Lithuanian law firm in the Prospera Law Firm Review 2021 and No. 1 law firm in Latvia in 2022, 2020, 2019, and 2018 client satisfaction surveys. We were recognized as a Baltic-wide Law Firm of the Year at the 2022 Chambers Europe Awards ceremony and named the Baltic States Tax Firm of the Year and Pro Bono Firm of the Year at the annual ITR EMEA Tax Awards 2021 ceremony. 

More information on COBALT can be found at www.cobalt.legal.