Tecnopolis acquires a business campus in Vilnius
Technopolis has signed a deal to acquire a new office campus in Vilnius, Lithuania. Technopolis will upgrade its future outlook for net sales and EBITDA growth from 9 - 12% to 14 - 17% for 2013, subject to the successful closing of the deal. The acquisition is in line with Technopolis’ international growth strategy, which is focused on the Nordic-Baltic region. The purchase price which includes the completion of the third building is EUR 61.0 million. The company expects to close the deal by May 1, 2013.
The campus has good transportation connections and services. It is located less than 3 kilometers from the CBD right next to a planned new ring road. The campus includes three different buildings totaling 42,300 sqm in rentable space with additional growth potential of 30,000 sqm. The campus customers include companies in the banking, consulting and engineering sectors.
Lithuania is the biggest economy in the Baltics and geographically well positioned, bordering Poland, Latvia, Belarus and Russia. Its economy is expected to grow 3.1% in 2013. The country is expected to enter the Eurozone in 2014 and it has pegged its currency, the litas, to the euro since 2002. Since the financial crisis the country has become popular in near-shoring among the financial and IT sectors.
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