News

Northern Horizon acquires on behalf of Laurus the Baltic property portfolio of Geneba

In a transaction closed yesterday Northern Horizon has acquired the portfolio of 42 commercial properties located across all three Baltic countries from Geneba. This acquisition was performed on behalf of Laurus which is a joint venture established between Northern Horizon and the clients of Partners Group to invest into and manage the commercial property in the Baltics and Gdansk, Poland.

The 84’000 sq.m. large portfolio mainly consists of the headquarters and bank branches of the Baltic subsidiaries of SEB – one of the leading banks in the region.

Laurus was launched in the beginning of 2015 and has delivered excellent performance during the first year of its operations through active asset management demonstrated by successful property disposals (traded value >60mEUR), active leasing (>7’000 sq.m. of new or rolled over leases) as well as prudent management of its balance sheet.

“We look forward to start engaging the best asset management competences in our region to finally turn this complex portfolio around and start unlocking its value for our investors over the medium term. The utmost priority for us is to start delivering the top class corporate real estate service to SEB in the Baltics who is the key long-term tenant and therefore the main value driver of this portfolio”, says Antanas Anskaitis, the manager of Laurus at Northern Horizon.

“Through this transaction we have achieved yet another milestone in realigning our investment portfolio to our strategy – “to grant home” to corporate businesses in core Europe by investing into logistics and light industrial assets, which operationally are crucial to the industrial businesses in Germany and the Netherlands. This particular Baltic portfolio was inherited by Geneba as a result of restructuring of its previous owner Homburg Invest and as such did not match our strategy. We did not see how we could add value to our shareholders by continuing to own it. We are therefore pleased that it finds now the new motivated owner with good knowledge of the local market while enabling us to concentrate on delivering adequate return under our chosen strategy”, says Dr.Wulf Meinel, the chief executive officer of Geneba Properties.

The portfolio was traded at its latest reported value on the balance sheet of the seller and included relevant adjustments of its debt to the business plan of Laurus.

For more information please contact Antanas Anskaitis, antanas.anskaitis@nh-cap.com.

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