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Sorainen Advises CPA:17 on Lease of Kesko Senukai Logistics Center

Sorainen Advises CPA:17 on Lease of Kesko Senukai Logistics Center

Lithuania
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Sorainen has advised CPA:17 – Global on the EUR 60 million acquisition of a modern Class A central logistics facility located in Kaunas from Baltic Retail Properties IISUTI UAB (BRP) and on the signing of a long-term lease agreement with Kesko Senukai, a prominent Do-It-Yourself retailer in Lithuania and the Baltic States. Valiunas Ellex advised the seller of the facility on the deal.

CPA:17 – Global is managed by affiliates of W. P. Carey Inc., a prominent internally-managed net-lease real estate investment trust based in the U.S. that provides real estate-based financing solutions primarily for companies in the U.S. and Europe. Baltic Retail Properties IISUTI UAB is a real estate investment company managed by Zabolis ir Partneriai Kapitalo Valdymas.  

Arvi Luoma, Executive Director of W. P. Carey Inc., commented: "We are pleased to have completed this transaction, which builds on our knowledge and expertise in Central and Eastern Europe. The acquisition of a critical asset leased to a strong tenant with leading market share and in a sector recognized as one of the most promising in the Baltic States is an attractive addition to CPA:17 – Global. This transaction is another example of how W. P. Carey is able to structure investments in existing net leased properties that meet our established criteria, while addressing the current financial objectives of the seller and the longer-term requirements of the tenant.”

The purpose-built facility is the primary central distribution warehouse for Kesko Senukai. The facility serves all of Kesko Senukai’s stores in Lithuania and the majority of its other Baltic retail sites. The net lease has a term of approximately 15 years.

The Sorainen team was led by Partner Kestutis Adamonis and Associate Karolis Kunigelis.

Valiunas Ellex did not reply to our inquiries on the matter.

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