Sorainen has advised Capitalica Baltic Real Estate Fund I on its entrance to the alternative First North market in Lithuania.
Capitalica Real Estate Baltic Fund I is a closed-end investment undertaking that is managed by Capitalica Asset Management. The fund’s bonds were listed on July 30, 2019.
Capitalica Baltic Real Estate Fund I manages business centers in Vilnius and Kaunas and is planning to build Verde class A business centers in Riga, Latvia. The fund issued a bond amounting to EUR 3 million. Sorainen reports that during the primary placement 70 investors purchased bonds. The second phase of the bond offering will continue until September 3, 2019. In total, up to EUR 5 million is expected to be raised through the public bond offering.
Capitalica Asset Management specializes in commercial real estate management in the Baltic States. The company is 80% owned by major Lithuanian capital group SBA, with the remaining 20% owned by A. Barstys’ Fox Holdings.
The Sorainen team consisted of Partner Augustas Klezys and Senior Associate Dalia Augaite.