The investment and asset management group \u201cEvernord\u201d has established its 10th fund, \u201cEvernord Real Estate Fund VII.\u201d The fund successfully completed a major transaction\u2014it acquired the \u201cSky Office\u201d business center in Vilnius from the real estate development and infrastructure company \u201cYIT Lietuva.\u201d YIT Lietuva, which sold the building, has become a strategic partner of the fund and is investing alongside Evernord\u2019s investors.<\/p>\n
\u201cSky Office\u201d is a business center in Vir\u0161uli\u0161k\u0117s, 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 \u201cSky Office\u201d as the best commercial property in Lithuania.<\/p>\n
Evernord is well-acquainted with the office segment\u2014a fund managed by the group has already successfully developed and manages the modern \u201cNovira Plaza\u201d complex in Riga.<\/p>\n
Simonas Ba\u010diulis, fund manager of \u201cEvernord Real Estate Fund VII,\u201d notes that the current situation in Vilnius\u2019s office market signals an approaching turning point, which it is important to capitalize on in a timely manner.<\/p>\n
\u201cRecently, 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\u2014the best opportunities emerge before the entire market recognizes them,\u201d said S. Ba\u010diulis.<\/p>\n
\u201cInvestor 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<\/p>\n
The investment and asset management group \u201cEvernord\u201d has established its 10th fund, \u201cEvernord Real Estate Fund VII.\u201d The fund successfully completed a major transaction\u2014it acquired the \u201cSky Office\u201d business center in Vilnius from the real estate development and infrastructure company \u201cYIT Lietuva.\u201d YIT Lietuva, which sold the building, has become a strategic partner of the fund and is investing alongside Evernord\u2019s investors.<\/p>\n
\u201cSky Office\u201d is a business center in Vir\u0161uli\u0161k\u0117s, 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 \u201cSky Office\u201d as the best commercial property in Lithuania.<\/p>\n
Evernord is well-acquainted with the office segment\u2014a fund managed by the group has already successfully developed and manages the modern \u201cNovira Plaza\u201d complex in Riga.<\/p>\n
Simonas Ba\u010diulis, fund manager of \u201cEvernord Real Estate Fund VII,\u201d notes that the current situation in Vilnius\u2019s office market signals an approaching turning point, which it is important to capitalize on in a timely manner.<\/p>\n
\u201cRecently, 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\u2014the best opportunities emerge before the entire market recognizes them,\u201d said S. Ba\u010diulis.<\/p>\n
\u201cInvestor 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<\/p>\n
\u201cWe 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,\u201d says K\u0119stutis Vanagas, CEO of YIT Lietuva.<\/p>\n
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.<\/p>\n
\u201cThis 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,\u201d commented Andrius \u0160volka, Head of Investment Transactions for the Baltic States at Newsec.<\/p>\n
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.<\/p>\n