COBALT advised a leading institutional investor on the acquisition of Nordika shopping centre in Vilnius, spanning an area of over 35 000 sq. m. The development is valued at EUR 50 million.
Lying close to IKEA store, Nordika shopping centre accommodates home and family stores, more than 30 tenants in total.
The development is expected to somewhat change shopping habits of the residents of Vilnius, encouraging them to do shopping in the suburbs, which they can access via a well-developed bypass network, rather than shop uptown or downtown.. The assortment of tenants occupying Nordika is expected to supplement IKEA’s offering and the two together will become an important centre of attraction.
Our assistance included tax and legal due diligence and drafting of all documentation required for the implementation of the transaction and leading the client through the acquisition process. The project ranks among the largest real estate transactions in 2016.