KS Holding, a Kesko Group company, has completed the sale of Kesko-Senukai stores in Vilnius and Daugavpils to the Finnish Special Mutual Fund Titanium Baltic Real Estate.
Together with the sale of Riga’s Ozols Centrs, acquired by Titanium in November, KS Holding has brought retail assets valued at 60 million Euros to the market.
The construction of the Vilnius store was completed last November. The valuation realised in the exit now marks a new record high for a DIY store in the Baltic States. The building is being evaluated as fulfilling the BREEAM Very Good sustainability rating. Financing for the development was provided by SEB Lithuania.
Saulius Merkys, KS Holding CEO and Zabolis Partner responsible for real estate, comments: “I am greatly pleased with being able to achieve such a high valuation for our Vilnius store. The conditions for retail have been considered as challenging, but our partners Kesko-Senukai have proven to be highly resilient and adaptive to market conditions.”
KS Holding remains invested in a 5ha site in Tallinn, which was previously owned by the specialised steel tank manufacturer AS Kohimo. The plot in the dense residential area of Lasnamäe is for the Estonian Kesko-Senukai flagship store, while the company board has initiated a strategic review on how to capture the full potential of the unique site.
