Home Listing rules Baltic Sea Properties AS Completes Acquisition of Grandus Shopping Center in Klaipeda, Lithuania

Baltic Sea Properties AS Completes Acquisition of Grandus Shopping Center in Klaipeda, Lithuania

Oslo, 23 May 2022. Baltic Sea Properties AS ("BALT" or "the Company", and
together with the Company's subsidiaries, "BSP") refers to the stock exchange
announcement on 1 April 2022 and the update given in the Company's Q1 report
20th May 2022 concerning the letter of intent (LOI) for the acquisition of a
neighborhood shopping centrally located in Lithuania's third largest city,
Klaipeda, of approx. 11,400 square meters, from Baltic Equity Group UAB, etc.

The company's subsidiary UAB "Baltic Sea Properties Holding LT has now signed
and completed the acquisition of 100% of the shares in UAB Prekybos centras
Grandus for an agreed company value of MEUR 11.3. The purchase price of MEUR 6.6
is settled on the basis of the Company's existing and released cash from
refinancing of the Shopping center (MEUR 2.6 with settlement by 27 May 2022) and
by the seller granting a seller credit of MEUR 4.0 (interest 8.0% p.a) to be
settled within 12 months. 

Background for the transaction:
Grandus is a neighborhood shopping center of approx. 11,400 m2 which is located
along one of the main access road to the center of Klaipeda. Additionally, the
center is located in the immediate vicinity of a larger residential area that
ensures good access to visitors every day. The company has an ambitious growth
strategy and the property is thus a good addition to the company's existing
portfolio. The transaction immediately provides a good and secure cash flow and
we look forward to managing and further developing the center in the time ahead.

The main shareholder in Baltic Equity Group UAB is the current chairman of the
board and primary insider in Baltic Sea Properties, James Andrew Clarke. The
transaction is carried out in accordance with the arm's length principle and
valuation have, among other things, been obtained from third-party valuator who
prices the property higher than the transaction value.

For more information, please contact: 

Lars Christian Berger 
phone: +47 930 94 319 
[email protected]
The information in this announcement is subject to disclosure requirements under
the EU Market Abuse Regulation and Euronext Growth listing rules. 
Baltic Sea Properties AS is a Norwegian real estate company focusing on
development and property management in the Baltics. The company is among the
Baltics' leading real estate investors and developers - owning a portfolio of
logistics, industrial and retail assets. 
Company website: balticsea.no

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange