COBALT advised on a major real estate transaction in relation to the sale of the shopping centre Gedimino 9

COBALT advised Ektornet Lithuania AB, a member of Swedbank group, on the sale of shares in the shopping centre “Gedimino 9” to the investment fund East Capital Baltic Property Fund II of the Swedish investment company East Capital. The transaction is regarded to be one of the largest real estate transactions in Vilnius in 2012.

The shopping centre “Gedimino 9” is located in the heart of the capital city in a prestigious street Gediminas Avenue. The building was constructed in the 19th century and redeveloped in 2007. Since then it attracts tourists and locals by offering both shopping opportunities and cultural events.

Last year the real estate management company Ektornet Lithuania SPV 1, UAB purchased “Gedimino 9” at an auction. Prior to that, the owner of the shopping centre was Ajolas, UAB, which underwent insolvency proceedings in 2010. Swedbank, AB was as one of the major creditors of the company.

COBALT work included the coordination of due diligence, preparation of transaction documents, negotiations and closing of the transaction. The team was led by senior associate Giedrė Frolenkienė.