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TARK GRUNTE SUTKIENE advised on €24 million acquisition of shopping mall Babilonas I

Donatas Zdanavičius

Tark Grunte Sutkiene was a legal advisor for Pontos in acquisition of 100% shares of Mulga, UAB, a local company holding the assets of the shopping mall Babilonas I in Panevėžys, Lithuania.

Tark Grunte Sutkiene performed the due diligence, drafted SPA and credit documents, counselled on the transaction structuring and all other legal matters related to the deal.

The shopping mall Babilonas I is the largest leading shopping centre in Panevėžys district and one of the best-known shopping centres in Lithuania. With gross leasable area of over 22 thousand square metre and the annual footfall of 4.5 million visitors, this shopping centre offers a solid international tenant mix, including NewYorker, United Colors of Benetton, JYSK, Deichmann, Takko Fashion, and is anchored by Hyper Norfa, one of the leading supermarket chains in Lithuania. Panevėžys is the 5th largest city in the country with over 110,000 inhabitants, located on an intersection of two trans-European transportation arteries, connecting major Baltic and European cities. The strategic location makes Babilonas I a key retail destination in the region.

Pontos is a family owned private equity and real estate investment company operating in Finland, the Baltic States and Russia. Pontos’ target is to continue investing in shopping centres in the Baltic States.