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.
According to Andrius Švolka, Head of Investment Deals Group Baltics, this is the second acquisition made by EfTEN Capital in this city.
“After Prisma Shopping Center moved out, SIRIN Development quickly and successfully adapted and leased RIVER MALL Shopping Center to tenants such as IKEA, MAXIMA and Topo Centras. The office complex, now known as RIVER HALL, has been successfully developed next to it,” says Newsec’s Head of Investment Deals Group Baltics.
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 Newsec expert, the deal is a great example of conversion in Kaunas, with prospects for further conversion and development as one of the major class B commercial centers 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. 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.