Sorainen has advised real estate management and development company MG Valda on the sale of the Park Town office complex in Vilnius.
MG Valda has successfully sold the first building of Park Town ‒ West Hill ‒ and has agreed to sell the second building, East Hill. The transaction value was not disclosed.
Construction of the West Hill office building on Lvovo street in Vilnius, which covers a total area of 7.2 thousand square meters, was finished in 2017. The building is occupied by Regus Business Centres Vilnius, the IT company Alna, and other companies, such as Fortevento, Trans.eu Baltic, Same System, Inventi, and Tieto Lietuva.
The second building, which offers a total area of 14.8 square meters – East Hill ‒ is currently under construction on the same site and is expected to be finished by summer 2019. According to Sorainen, almost 30% of its area is already rented out and the building is expected to be occupied by Lithuanian basketball league and Glera Games.
The two seven-storey buildings will also house conference halls, a gym, cafes, restaurants, a beauty salon, a dry cleaning shop, and an open terrace. MG Valda plans to invest approximately EUR 40 million in the project.
The Sorainen team consisted of Partner Ausra Mudenaite, Senior Associates Simonas Skukauskas and Indre Sceponiene, and Associates Lina Stropute and Gerda Skirbutiene.
Sorainen declined to provide additional details, including those related to the identity of the buyers or their counsel.