Pharmaceutical wholesaler Tamro UAB has entered into a deal with UAB Eika Real Estate Fund, a fund managed by investment company Eika Asset Management, for the development and lease of a built-to-suit building in Kaunas district. The fund will also acquire a building currently owned by the company. The value of the deal is not disclosed. Tamro UAB was represented by international real estate (RT) consulting company Newsec during the deal..
The transaction consists of two parts – the sale of the current Tamras headquarters and the development and lease of a new logistics and office center. The pharmaceutical wholesaler will move to a “built-to-suit” type project, when the facility is developed according to the company’s needs and a long-term lease agreement is signed. The new building will be built in the Kaunas Free Economic Zone (LEZ). The commercial real estate fund UAB “Eika Real Estate Fund” (EREF) managed by “Eika Asset Management” invested in the logistics and office center.
Tamro UAB operating in Lithuania is part of Tamro Baltics, the largest pharmaceutical wholesale distribution company and the manager of the BENU pharmacy chain in the Baltic States, which belongs to the international PHOENIX group, which distributes medicines and other medical products in 27 European countries.
“The decision to move to new premises is a logical and timely step that we have been waiting for for some time. We have many years of consistent and successful work experience, so it was natural for the time to expand. We always strive to provide our clients with the highest quality services possible, and the new logistics center will allow us to raise the quality bar even higher. Moreover, by moving to more spacious premises, we will be able to offer even more services to existing and new clients. At the same time, I want to congratulate all Tamros Lithuania employees who, while working in the office, will be able to do so in a more comfortable environment that meets modern needs,” says Rasa Montvilė, General Director of Tamros Lithuania.
The relocation of Tamras’ operations to Kaunas FEZ was chosen due to its favorable location for distribution, infrastructure for business and employees. The location is located near the intersection of national and international highways A1 and A6, which ensures convenient connections to many Lithuanian cities and European countries.
“The lease transaction with Tamro is distinguished by the tenant’s extremely high requirements for the location, technical parameters of the project, and implementation deadlines. We believe that this is a significant value-creating investment by EREF in the industrial real estate sector, and we plan to make similar investments in the future,” says Viktorija Orkinė, CEO of Eika Asset Management.
This transaction will complement EREF’s existing investment portfolio, which includes the Highway business center, the DHL terminal project near Vilnius Airport, and the recently acquired Audi and Volkswagen car dealerships leased by the Moller Auto group. The fund invests in commercial real estate and is intended for informed investors.
As noted by Jurgita Ragaišė, Head of the Newsec Brokerage Group, a comprehensive solution was very important to the client, the sale of the existing building and the development of a new logistics center, which would allow the company to ensure the continuity of its operations. The international company was looking for a flexible partner who would fulfill all the transaction requirements and be able to manage processes in a changing market, and Eika Asset Management best met these criteria.
“Over the past year, the relevance of the industrial segment of real estate has increased significantly, so there is an increased demand for quality objects in the market. This type of double transaction can help clients kill two birds with one stone – move out of the old premises when the new ones are fully ready,” says J. Ragaišė.