Newsec brokered the sale of Class A property objects in Kaunas
International real-estate consulting company Newsec brokered the sale of the RIVER HALL business and RIVER MALL shopping centres. The objects owned by the industrial and commercial RE development company SIRIN Development were acquired by the RE fund EfTEN Real Estate.
According to Andrius Švolka, Head of Investment Deals Group Baltics, this is the second acquisition made by EfTEN Capital in this city.
“After the Prisma store had moved out, SIRIN Development quickly and successfully adapted and leased the RIVER MALL shopping centre to such tenants as IKEA and MAXIMA. Also, an office building was successfully developed nearby, now called RIVER HALL, expanding the complex,” Mr Švolka has said.
RIVER HALL and RIVER MALL are located in one of the most attractive places in Kaunas – at the juncture of the city centre and Old Town, next to Jonava Street with high traffic volumes. A panoramic view of the Old town and the confluence of the Neris and Nemunas rivers can be seen from the building. According to the Newsec expert, this deal is a great example of conversion in Kaunas. It has good prospects for further conversion and development as one of the main Class B commercial centre in the city.
“These are well planned out and implemented projects with a unique synergy between them. The RIVER MALL shopping centre that occupies 11,000 sq. m and houses a 24/7 MAXIMA store is unique in its modern structures, functional layout and a parking lot with over 500 parking spaces. 20 tenants are located there, the largest of which being IKEA and Topo Centras. Meanwhile, the business centre has modern design solutions, Class A energy efficiency, LED lighting, acoustic ceiling and the BREEAM certificate. Also, a special attention was paid to workplace comfort,” explained Mr Švolka.