EIKA Group of Companies has sold the shopping center “Pupa” in Vilnius, in the Pilaitė microdistrict. The company plans to invest the funds received in the development and expansion of new projects in Lithuania and the region.
The shopping center “Pupa”, built by the company “EIKA” in 2008, was the first in Pilaitė, one of the fastest growing neighborhoods in Vilnius. The area of the shopping center is 6,126 square meters and there are about 50 tenants.
“At a time when we were rapidly building apartment buildings on the northern side of Pilaitė, the Pupa shopping center was a natural continuation of that development, meeting the needs of new residents. We thought about the fact that the shopping center should serve for a long time, to be convenient for the entrepreneurs operating there and, of course, for the shoppers. After so many years and with the shopping center maintaining excellent results, we can see that we succeeded in doing this, which was also appreciated by the new owner of the building. EIKA Development continues to remain the manager of the shopping center, and the funds received will be directed to the development of new ambitious projects,” says Martynas Žibūda, CEO of EIKA Development.
The transaction was brokered by international real estate consulting company Newsec. “PC Pupa is a neighborhood-type shopping center that has been successfully operating for more than 15 years. Such real estate objects are attractive to investors due to the diversified composition of tenants and the relatively stable generated income stream. The strategic position of the shopping center, its location in the entire district, and the synergies created by other commercial buildings around it are also evaluated,” says Monika Nedzinskaitė, Head of Investment Transactions for Lithuania at Newsec.
The buyer of the shopping center is UAB “NDX group”, the transaction amount is not disclosed by agreement of the parties. Currently, “EIKA Development” manages 20 commercial objects, the total area of which is more than 122,000 sq. m.