Oslo, 26th of April 2021 – Baltic Sea Properties AS (“BALT” or “the Company”, and together with the Company’s subsidiaries, “BSP”) refers to the Oslo Stock Exchange release and information on the 29th of March 2021, regarding the LOI for the acquisition of an Industrial/Business Park and a land plot both located in Lithuania´s third-largest city, Klaipeda.
The transaction includes (1) Klaipeda Business Park (KVP) – a 24,000m2 Industrial, commercial, and office park with 27 tenants in the Klaipeda free economic zone, (2) Liepu Parkas – a 36,000m2 strategical located land plot and (3) UAB BNTP – a management company providing a full range of real estate and construction services with 9 employees.
The board and management consider the transaction as another step to becoming the preferred industry partner and leading real-estate developer/investor in the region.
“Baltic Sea Properties has a strategy to expand its operations, services, and portfolio of assets by developments and acquisition. This acquisition is in line with that strategy and our commitment to provide value-added real-estate solutions for our local and international partners and superior returns with stable dividends for our shareholders. The transaction also includes a highly experienced team of professionals who bring vast experience within construction, real estate development, and asset management. We welcome the BNTP team into BSP Group and look forward to working together” says BSP CEO Lars Christian Berger.
Details on the transaction:
The transaction is completed by BSP acquiring all shares in four subsidiaries of Baltic Equity Group UAB for a total purchase price of MEUR 9.85 million (Equity + shareholder loans). The underlying assets in the transaction are valued at MEUR 17.
The main shareholder in Baltic Equity Group UAB is the current chairman of BSP James Andrew Clarke. The pricing of the acquired properties is done according to the arm’s length principle, with a price based on valuations from two independent and reputable valuators.