Newsec advisor in largest office transaction ever in the Baltics
The S7 office complex consists of four buildings. Three of these building, with a total office space of 42.500 square meters gross leasable area, are part of the deal. The transaction of the first building, called DC PIER, takes place this week while the transaction of the second and third building will take place in Q2 and Q3 of 2019 respectively.
“This transaction is an important milestone for the Baltic commercial real estate market, primarily due to its large size. It highlights the improved liquidity of the market, supported by a strong demand from both international and local investors, especially for quality products in CBDs. The Baltic region looks very solid and still offers a very attractive price/yield gap compared to investments with similar quality and risk profile“says Max Barclay, Head of Newsec Advisory.
The S7 office complex has received several international accreditations and awards. The first building is occupied by Danske Bank global services and has been selected the best office building in Central and Eastern Europe. It has also been certified Excellent by BREEAM New Construction, the first such achievement is the Baltics. The second building is occupied by Swedish telecommunication company Telia. The third building, which is still under construction, is fully pre-leased to Danske Bank global services.
“The successful development and sale of the S7 complex is an important milestone for M.M.M. projektai as a developer. In the development phase our main focus was on creating the best product possible, including the highest environmental standards and modern engineering solutions. We dedicated a lot of attention and passion to this project and we are proud about the numerous awards it has received. We are also proud of the international tenants who we attracted early on”says Diana Dominiene, Chairman of M.M.M. projektai.