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Deka Immobilien to purchase office complex in Lithuania for €156M

Deka Immobilien Investment GMBH entered into an agreement to acquire the Quadrum BC office complex in Lithuania for about €156 million, Property Magazine International reported.

The seller is UAB Schage Real Estate AS, the Lithuanian subsidiary of Norwegian developer and real estate company Schage Eiendom AS, according to the report.

The property at Konstitucijos prospektas 21 in the central business district of Vilnius, the country's capital, will be added to the portfolio of the German real estate manager's open-ended real estate fund Deka-ImmobilienGlobal.

With over 44,000 square meters of net leasable space, the asset is anchored by commercial and retail bank Luminor Group AB, which occupies about 30% of the fully leased property.

The property includes an east and north building, which have obtained a BREEAM sustainability certification, while its south building is being developed and is scheduled for completion in November, the report said.

The transaction is set to be completed within the next two months, subject to the approval of the Competition Authority, the report noted.

Sorainen and TGS Baltics served as advisers to Deka Immobilien and UAB Schage Real Estate, respectively.