Partners Group and Northern Horizon have announced the sale of the last two assets, both located in Riga, in their €200 million CEE joint venture to Grinvest, a Singapore-based property and renewable energy investor.
A joint venture between Partners Group (acting on behalf of its clients) and Northern Horizon was established in 2015 to manage value add real estate investments in the Baltics and Poland. Originally consisting of 7 medium-sized commercial properties in the Baltics and a large development site in Gdansk, the portfolio was supplemented with 42 additional properties through the acquisition of so-called “Gene” portfolio.
“The performance of the Laurus Portfolio is due to the intensive asset management efforts which we jointly addressed to the underlying assets, ultimately creating value for the JV. We also take pride in having participated in the Baltics and broader CEE market growth over the last five years, a region in which we continue to invest in the logistics, office and residential sectors,“ says Marco Denari, member of management for European real estate at Partners Group.
All properties in the portfolio have been taken through extensive asset management measures, rollover and new leasing in the magnitude of c. 40,000 sqm and individual property disposals through approximately 40 transactions in 4 jurisdictions.
The last two remaining properties owned by Laurus are shopping centre Olimpia and an office campus leased to SEB, both in Riga, which will require a new ownership cycle to implement further asset-level improvements. Through a transaction closed today, the remaining two assets were acquired by Grinvest. As part of this transaction, current portfolio manager Antanas Anskaitis will join Grinvest and will continue managing the assets on behalf of the new owner.
“This joint venture has been a major success, delivering an attractive risk-adjusted return to investors. All of us at Northern Horizon who worked on the project over the last 6 years take great professional pride in the final result. The great performance of this portfolio is a testament to a great partnership we have developed over the years,” says Milda Darguzaite, the CEO of Northern Horizon.
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