Hanner sells Kaunas shopping centre Savas

PC Savas, the company that manages the Savas shopping centre in Kaunas and is indirectly controlled by Arvydas Avulis, Chairman of the Board at Hanner, is set to be acquired by NDX Group, the asset management and investment company of Vilniaus Prekyba, which is controlled by Nerijus Numa. The nearly 12,000 sqm shopping centre, which has 100% occupancy, houses 70 stores and receives approximately 10,500 visitors per day.

“The decision to sell our only asset in Kaunas was made because we want to concentrate on office and residential development in Vilnius and abroad,” said A. Avulis, Chairman of the Board at Hanner.

“NDX Group focuses on retail real estate investments in the Baltic States. This will be the fourth shopping centre in our portfolio. We are consistently expanding our holdings with properties that offer stable long-term returns and opportunities to create additional value through active management,” said Ignas Zavadskis, Director of NDX Group.

The companies have agreed on the material terms of the transaction, and NDX Group is now awaiting Competition Council clearance to acquire 100% of the shares in the commercial real estate leasing company and assume sole control. NDX Group currently operates two shopping centres in Lithuania and one in Latvia.

In this transaction, Hanner is being advised by the COBALT team, Partners Artūras Kojala and Rasa Zaščiurinskaitė, Senior Associate Jūratė Masiulytė-Katakinė.