Newsec takes over management of EUR 145 million property portfolio in the Baltics
The new contract covers a real estate portfolio of 36 properties, comprising 23 Norfa and nine Maxima supermarkets, three logistics centres near Vilnius and the Durapart factory in Panevezys. It also includes buildings on the 2-hectare site of the former Tauro alus brewery in central Vilnius, where there is plans for a combined commercial and residential development project totalling 40,000 m2 during the next few years.“The global economic crisis had a negative effect on the returns achieved by Norwegian investors in the Baltic countries,” says John Afseth, Chairman of two Norwegian investment funds. “In order to rebuild investors’ trust in Lithuania and the whole Baltic region, we were therefore looking for an active manager that would increase the value of our portfolio. Our decision to choose Newsec was based on their professionalism and practical experience gained during the last three years, which were difficult for Baltic economy and the real estate sector.” He added that Newsec’s principles of working with tenants meet both international property management standards and investors’ requirements.
Ricardas Cepas, Manager of Newsec Baltics, says that the real estate management market in the Baltic countries is becoming more professional, and companies are starting to look for specialised partners that offer specific real estate solutions for business and governmental institutions. “This contract is one more proof that the time for experiments with real estate in the Baltic countries is past. Everybody is now starting to do what they really understand,” he says. Newsec Baltics currently manages 115 commercial properties of various types, with a total area of 620,000 m2. Last year the turnover of shopping centres managed by Newsec grew by 8 per cent, and this year there are plans for a 15 per cent increase in the flow of customers at the shopping centres. In 2010 Newsec Baltics managed 749 tenants.
Newsec is a leading company in financial and real estate consultancy in Northern Europe. The company offers services to large and medium-sized companies, international and local investment funds and individuals of high net worth. Newsec provides advice during real estate investment transactions and specialises in the areas of real estate management, development and project realisation.
Newsec has 550 employees working in its offices in Lithuania, Estonia, Latvia, Finland, Swedena and Norway, whose services have recently supported to realise investment projects totalling more than EUR 9 billion. Each year Newsec Advice values real estate worth more than EUR 65 billion. Newsec Asset Management manages more than 1000 properties with a combined value of over EUR 10 billion.
For further information please contact:Ricardas Cepas, Managing Director Newsec Baltics firstname.lastname@example.orgSaltoniškiu g. 2, Vilnius, LT-08126, LithuaniaTel. + 370 5 252 6444, Fax. + 370 5 252 6446www.newsecbaltics.com