Newsec, an international real estate consulting company, is strengthening its commercial real estate management services and is expanding to Kaunas. Newsec takes over the management of River Mall and River Hall A. These properties are being transferred to Newsec by the new property owners – EfTEN Real Estate Fund 4, whose recent acquisition has become one of the largest commercial real estate transactions in Kaunas history since 2017.
One of the most attractive places in Kaunas – at the junction of the city center and the Old Town, at Jonavos Street, which has a high traffic flow. The modern 11.3 thousand square m shopping center River Mall currently has 29 tenants, including Maxima, IKEA and Topo Centras. River Hall Business Center with a total area of 8.6 thousand square m, the biggest tenants – IT companies “Hostinger”, “Oracle”, “Juvare”.
According to Rida Kalvaitiene, Head of Newsec Asset Management Group, the demand for commercial real estate management services is growing all over Lithuania – this year Newsec started managing 7 new office buildings in major cities of Lithuania and entered Kaunas office market. “Office care services in the growing Kaunas office market are becoming more and more relevant. Businesses focus on their core business and abandon additional and time-consuming non-core activities such as office management or maintenance. In our experience, both tenants and landlords are satisfied with the services provided by professionals. The new contract with EfTEN Capital, which transfers their offices to us not for the first time, means that we are currently managing another object of this developer – the first one being the Ulonas Business Center in Vilnius, – explains R. Kalvaitienė.
The experts emphasize that the property management service will be especially important in Kaunas lately due to the increase of office supply in the city this year. This year, Kaunas will be offered a record office space of over 52.3 thousand square m. After such a wave of new business centers, Kaunas office market will be about 250 thousand square m, which means that tenants will have a wider choice. Office owners will need to pay more attention not only to attracting tenants, but also to sustain them, realizing their needs and investing in the exclusivity and benefits of their business center.
Currently, Newsec operates 27 commercial properties in Lithuania with an area of over 350,000 square m, with a team of 57 professionals responsible for managing and adding value to commercial properties. Newsec currently operates 8 supermarkets covering 180,000 square m, as well as 19 business centers, commercial and collaborative commercial objects, which occupy 170 000 sq. m area. Throughout Northern Europe, Newsec manages assets worth € 45 billion.