“GO9 has been a successful re-development project, generating an IRR in excess of 15 percent for investors. We are proud of having transformed a non-performing mall into a thriving, modern shopping centre attracting international retailers, and proud of the lasting relationship we have built with our tenants and partners,” says Madis Raidma, CEO of East Capital Baltics AS.

GO9 is one of Vilnius’ most prestigious shopping centres, with more than 12,000 sqm of leasable area in an historical building on Gedimino Avenue, Vilnius’ main shopping street. The property was acquired by East Capital in December 2012 from Ektornet (a Swedbank subsidiary), and an extensive re-development was executed in 2013, during which the tenant mix and the internal layout of the shopping centre were transformed. Current anchor tenants include fashion retailer H&M, supermarket Rimi and popular restaurants Studio 9 and Carre.

The transaction will close once it is approved by Lithuania’s Competition Authority, and the net proceeds from the transaction will be distributed to investors after closing. The price of the transaction has not been disclosed.