COBALT represented UAB Prosperus Real Estate Fund III in the acquisition of a shopping centre in Palanga from Venturecorp Property Holdings Limited and UAB Capital City Group.
The shopping centre with area of 5,000 sq. m, which was opened in 2014 on Klaipėda road in Palanga, currently houses 16 tenants, including Maxima, Eurovaistinė, Delano, etc. The investments in the shopping centre totalled over EUR 6 million. UAB Palanga properties, the developer and manager of the shopping centre, claims to have invested EUR 5.2 million in the project, whereas the anchor tenant of the building MAXIMA LT, UAB – EUR 1.16 million.
COBALT represented the buyer in negotiations and in drafting and coordinating the contract documents, also advised on all matters related to the transaction. The team was composed of Simona Oliškevičiūtė-Cicėnienė, Partner at COBALT and Head of the Real Estate and Infrastructure practice group, and Liucija Bitinaitė, Associate.