On 27 March, we have entered into a definitive agreement regarding the sale of Hobujaama 4 business center situated in the CBD of Tallinn. This property has been under the management of Northern Horizon since 2003 and has proven to be one of the best performing investments throughout the market cycles. Transaction is expected to close within the next month, buyer and the main terms will not be disclosed until completion.
On 30 March, Laurus completed a sale of the main part of Young City, the only investment we held in Poland. This transaction covers the core part of the historic Gdansk shipyards and is master planned for a comprehensive conversion into a multifunctional waterfront development in the downtown of Gdansk. In combination with 6 other disposals of individual development sites carried out over the last 12 months with this transaction we have completed the business plan of Laurus intended for Young City well ahead of time. We are especially proud to have attracted highly professional and motivated developers to simultaneously start implementing this urban regeneration project of great importance to Gdansk and Poland.
On 31 March, we have completed a sale of a smaller office development project in the downtown of Vilnius, on Jogailos str. 9a. This property is situated in an excellent downtown location but was standing vacant for 8 years and is up for conversion. Laurus acquired it as part of the Gene portfolio 12 months ago and now sold this property to the end-user at attractive premium.
Finally, in the announcement today the parties have informed the market about the agreement to exchange the ownership of business center VERTAS in Vilnius. East Capital Explorer, a Swedish investment company is to complete the acquisition later this summer. This landmark property has been under the management of Northern Horizon for 10 years and is a well-established A-class business center. VERTAS services top-tier tenants the majority of which have been with us from the very opening in 2007, property is fully occupied today and in every way qualifies as a prime/core office asset by the standards of the Baltic market.
