A fund operated by French asset management company Corum Asset Management has acquired a store in Kaunas from DIY store chain DEPO. This is the 2 nd acquisition of DEPO DIY store by Corum as well as 2 nd acquisition by Corum in Lithuania.
Real estate investment fund Corum is the new owner of 22,000 m2 large DEPO DIY store building at Vakarinis aplinkkelis 8 in Kaunas, built and commissioned in June 2019 – the parties have recently signed sale-leaseback agreement. The store is located on one of the major highways in Kaunas and on the major highway junction in Kaunas, which allows to go to any direction - Klaipeda, Riga, Vilnius or Warsaw. The store has more than 500 parking spaces and it has received one of the first A+ level of building energy efficiency certificates for such type of the buildings.
This is the second Corum Asset Management investment in Lithuania and second acquisition of DEPO DIY store. The first DEPO DIY store in Vilnius has been acquired by the fund earlier this year.
DEPO has assigned Colliers Baltics team to assist with the transaction process, while Law Firm COBALT represented Corum in the deal including legal due diligence of the property, the transaction documents drafts, including the real estate purchase and sale agreement and the lease agreement, CORUM representation in negotiations.
‘We are proud that DEPO decided to continue our successful cooperation with the 2 nd SLB transaction in Lithuania this year. Depo successfully entered Lithuanian market in late 2016, bringing new positive dynamics to the DIY segment. As a result of active expansion, DEPO currently operates 5 stores across the country in all major cities of Lithuania with GLA of over 110,000 sqm. With such dynamics, we believe DEPO will be an excellent long-term tenant for properties acquired by Corum,’ comments Angela Kolesnikova, Head of Investments at Colliers Baltics.
Besides the 2 DEPO store buildings in Lithuania, it also owns a production building near Tallinn, a Prisma store in Narva and an office building in Riga.
There are 5 DEPO stores in Lithuania at the moment - two in Vilnius, as well as in one Klaipeda, Panevezys and Kaunas.