The investment and asset management group “Evernord” has established its 10th fund, “Evernord Real Estate Fund VII.” The fund successfully completed a major transaction—it acquired the “Sky Office” business center in Vilnius from the real estate development and infrastructure company “YIT Lietuva.” YIT Lietuva, which sold the building, has become a strategic partner of the fund and is investing alongside Evernord’s investors.
“Sky Office” is a business center in Viršuliškės, Vilnius, that opened in 2024. Its occupancy rate at the time of acquisition stood at 95 percent. In 2025, the Lithuanian Real Estate Development Association recognized “Sky Office” as the best commercial property in Lithuania.
Evernord is well-acquainted with the office segment—a fund managed by the group has already successfully developed and manages the modern “Novira Plaza” complex in Riga.
Simonas Bačiulis, fund manager of “Evernord Real Estate Fund VII,” notes that the current situation in Vilnius’s office market signals an approaching turning point, which it is important to capitalize on in a timely manner.
“Recently, new office construction in the capital has decreased noticeably, so it is projected that new supply will shrink significantly starting in 2027. As a result, building occupancy will rise and the overall market balance will naturally restore itself. High-quality properties have been and will continue to be leased—the best opportunities emerge before the entire market recognizes them,” said S. Bačiulis.
“Investor interest in the new fund has exceeded initial expectations, as they are looking for a sustainable foundation rather than short-term trends. From investors over the course of two weeks
The investment and asset management group “Evernord” has established its 10th fund, “Evernord Real Estate Fund VII.” The fund successfully completed a major transaction—it acquired the “Sky Office” business center in Vilnius from the real estate development and infrastructure company “YIT Lietuva.” YIT Lietuva, which sold the building, has become a strategic partner of the fund and is investing alongside Evernord’s investors.
“Sky Office” is a business center in Viršuliškės, Vilnius, that opened in 2024. Its occupancy rate at the time of acquisition stood at 95 percent. In 2025, the Lithuanian Real Estate Development Association recognized “Sky Office” as the best commercial property in Lithuania.
Evernord is well-acquainted with the office segment—a fund managed by the group has already successfully developed and manages the modern “Novira Plaza” complex in Riga.
Simonas Bačiulis, fund manager of “Evernord Real Estate Fund VII,” notes that the current situation in Vilnius’s office market signals an approaching turning point, which it is important to capitalize on in a timely manner.
“Recently, new office construction in the capital has decreased noticeably, so it is projected that new supply will shrink significantly starting in 2027. As a result, building occupancy will rise and the overall market balance will naturally restore itself. High-quality properties have been and will continue to be leased—the best opportunities emerge before the entire market recognizes them,” said S. Bačiulis.
“Investor interest in the new fund has exceeded initial expectations, as they are looking for a sustainable foundation rather than short-term trends. From investors over the course of two weeks
“We are pleased that the project is entering a new phase today alongside a strong institutional investor. This is a natural part of the development of mature commercial real estate projects and, at the same time, confirmation that high-quality, sustainable properties remain attractive to investors,” says Kęstutis Vanagas, CEO of YIT Lietuva.
The transaction was brokered by Newsec, one of the largest commercial real estate (RE) services and consulting firms in Northern Europe and the Baltic states.
“This transaction has been in the works for a long time, and the result confirms that patience and the right transaction and capital structure are what drive such strong investor interest. It is also encouraging to see the office segment becoming increasingly active; here, investors see attractive yields and a vibrant market where supply is declining while demand remains stable,” commented Andrius Švolka, Head of Investment Transactions for the Baltic States at Newsec.
The international law firm Sorainen acted as counsel to the seller in the transaction, while the law firm Tegos acted as counsel to the buyer.