Real estate development companyEika" sold the shopping center "Pupa" in Vilnius, Pilaitė micro-district. The company plans to invest the received funds in the development and expansion of new projects in Lithuania.
The shopping center "Pupa", built by the company "Eika" in 2008, was the first In Pilaite, in one of the fastest growing neighborhoods in Vilnius at the moment. The area of the shopping center is 6126 square meters and it has about 50 tenants.
"At the time when we were rapidly building apartment buildings on the northern side of Pilaitė, the Pupa shopping center was a natural continuation of that development, meeting the needs of the new residents. We thought about the fact that the shopping center has to serve for a long time, so that it is convenient for the businessmen who will operate there and, of course, for the customers. After so many years and with the shopping center maintaining excellent results, we can see that it was successful, and the new owner of the building appreciated it. "EIKA Development" continues to remain the manager of the shopping center, and the received funds will be directed to the development of new ambitious projects", says Martynas Žibūda, CEO of "EIKA Development".
The transaction was mediated by an international real estate consulting company "Newsec". PC Pupa is a successful neighborhood shopping center for more than 15 years. Such real estate objects are attractive to investors due to the diversified composition of tenants and the relatively stable income stream generated. The strategic position of the shopping center, the location on the scale of the entire district, and the synergies created by other commercial buildings in the vicinity are also evaluated," says Monika Nedzinskaitė, head of Newsec's investment transactions for Lithuania.
The buyer of the shopping center is UAB "NDX group", the amount of the transaction is not published by agreement of the parties. Currently, EIKA Development manages 20 commercial objects with a total area of more than 122 square meters. m.
