Eastnine takes possession of S7-2 in Vilnius

Eastnine AB has taken possession of the newly built office property S7-2 in Vilnius’ central business district.

Eastnine takes possession of S7-2 in Vilnius
Eastnine takes possession of S7-2 in Vilnius.

The property, which holds approximately 16,000 square metres, is fully let to Telia Lietuva on an agreement that runs until March 2029.

“We’re continuing our growth journey in the Baltic capitals”, says Kestutis Sasnauskas, CEO of Eastnine. “With this property we have 80,000 square metres of modern offices in Vilnius and with the newly acquired Valdemara Centrs 20,000 square metres in Riga.”

Eastnine announced in February 2019 that the company had signed an agreement to acquire three of four properties in the newly built, sustainable office park S7 in Vilnius. At the same time the first property S7-1 was taken over. Eastnine has now taken possession of two of the properties and is expected to take possession of the third in the end of 2019 or beginning of 2020. The three properties have a total lettable area of ​​42,500 square metres and contain 1,243 underground parking spaces. The total transaction value amounts to EUR 128 million.

S7-1 and S7-2 are certified according to BREEAM Excellent and S7-1 has received several awards such as Best office development in the Baltics (2018) and Most Vibrant Workplace in Central and Eastern Europe (2019). S7-3 is also expected to receive BREEAM Excellent certification.

The acquisition is financed with own cash and bank loans.

Eastnine AB is a Swedish real estate company with a property value of EUR 200m and a net asset value of EUR 243m. The company is currently transitioning into a focused real estate company, with an aim to generate predictable cash flows by being a long-term provider of sustainable prime office space in the Baltic capitals. Eastnine is listed on Nasdaq Stockholm, Mid Cap, sector Real Estate.