According to Real Estate Services Company Newsek Advisors LT, the value of investment transactions reached 400 million in 2018. Euro 213 million, of which EUR t is trading 165 million euros, 165 million euros in Euro – office space, 13 mLn EUR 9 million for warehouse segments, another Euro 9 million euro – for other assets.
The same figures are provided by Aber-Haus. The company did not name the exact size of the previous year's commercial real estate investment transactions, but said it had exceeded 400 million last year. EUR Of these, shopping center transactions account for about 55%.
Meanwhile, real estate services company Coalier's International Advisers, which includes lower-level transactions, reports that last year the investment transactions reached 578 million. 45 percent euros It included investment in trading objects.
Worry about the supermarket
Experts unanimously referred to the Ozas shopping center as the year's most important transaction, while LTL's value was sold to 124.6 million. The German company ECE Projectman sold the supermarket to the South African company, Napie Rocketle. According to experts, practices show that the Baltic Real Estate Market is capable of attracting large international investors.
Neringa Rastanee-Jansuiu, Newsseek Advisors LT, head of investment transactions, real estate services company also separates the sale of Rio de Janeiro in the Pennavezio shopping center. It is $ 47 million, the Estonian Eiffen Capital Fund was acquired by other Estonian company Pontos Baltic.
Ann. According to Rastenits-Jensiunei, the commercial property of commercial purpose is particularly attractive in the Baltic countries.
"In the world, the spirit of shopping centers has recently been very negative, with the uncertainty about the future of e-commerce and the impact of the popularity of physical stores. However, I think it is appropriate to highlight the fundamental difference between the Baltic states – people at least in Europe, clothing, footwear Or spending on entertainment, but the fastest growth rate of consumption is. Also, the concentration of the supermarket is low, many In times, especially in smaller cities, tenants and customers have little choice, "he says.
Ann. Rastenit-Jensiunien Park Town also separates the transaction of the Town Complex, which is for 23 milligrams. The property development company Dorne Group's investment company Dao Family Office acquired the first complete office building.
"For the first time, we can be sure that we have a comparable deal for funding purchase in Helsinki, Oslo or Frankfurt's central business districts, until they claim that they have not seen any product in their understanding of quality in the Baltic States." Park Town " Which they can call as "true product", so its selling price level is an important point for the future Says the analyst.
Cortisius adomonyis, a partner of Soren Law Firm, also argues that the concerns about the future of the supermarket are often exaggerated.
"Shopping centers have to adapt to the challenges of e-commerce and have to see, but if we compare today with what we did 10 years ago, big differences, catering and entertainment segments will also be seen in growth."
That Addonies adds that NEPI Rockstelle, who entered the Baltic market last year, will expand its portfolio in the Baltic States this year.
"I believe in the year 2019 we will see new measures in this Baltic states for the investor, as the NEPI Rocket has done its homework and wants to establish itself in the Baltic states."
Head of Appraisal and Marketing at Ober-Haus, Soulius Vaginos, says that big deals such as Oz or Rio did not dominate the trading segment this year.
"We have seen more transactions in smaller commodities such as Maxima or Rimi stores. In terms of the number of transactions and the amount of investment, all the merchandise is," said the analyst.
More investment in regions
According to the vagonias, in the last year the regions were marked by a large number of transactions.
"Transit geography is very far away from Vinniius, as we estimate, last year 21 transactions had ended, 10 of which were not in Vilnius, so half things were sold in other cities. This shows that investors are looking at where they spend and other cities are more Two business centers were sold in brackets, one last year, until then – in the end, "Vagonese's comment.
Ann. According to Rasteneet-Jensiunei, some transactions in the regions do not fall into the capital.
Arka Business Center in Kona – The size of the deal, the quality of the building and the tenants, at the end – there is no compromise with the fact that wealth is not in the capital. "Rio" has already been mentioned, and last year he agreed to sell a large Maxima store in Palanga, "she says.
Last year, the proportion of commercial property transactions recorded in Lithuania was higher, N. Rasteneet-Jensiuniyy claims that it can be even bigger – this was expected by a very active market. Opportunities for buyers "
"Lower level of activity of the local fund is also an important aspect. Our funds are small, few are new, and the capacity is often within a few million. I think that till the local funding does not reach at least 1 billion, investing in real estate every year. , The Baltic states will remain at the forefront of international investors' geography, the analyst adds.
Gary Cullacovini, Senior Consultant of Collier International Advisors, besides these trends, reduces the search for alternative object categories and searches for alternate assets.
"In 2018, due to limited supply, the reduction of asset yields in the high-end real estate segment, especially in the last year, more and more investors were converted to alternative categories to get maximum returns, this trend will be intensified in 2019," she says.
Banking policy can block investment transactions
G. According to Kulakovienė, the number and volume of transactions could be small due to tightening of bank financing policy this year.
"The increasing difference between buyers and sellers' expectations will increase transaction time, which will also affect transaction volumes. Investors will make a huge discovery of alternative options to yield high yields, because conventional real estate will maintain low yields and those who are looking for lower risk of low market risk Will be more attractive to people who are, but also with the fluctuation in the exact market, "G. Kulakovian predicts.
Ann. According to Rasteneet-Jensiunei, this year, the toughness of bank financing can bring more uncertainty in the market.
"Last year, there were some major deals that are expected to be completed this year, but if we look at what we are looking at today, the mood of the banks will remain the same and the seller will not adjust their price expectations, there is no reason to increase the size of the transaction. Lithuania, Latvia and Estonia in one billion, taken together, it will be a good result, "she says.
Speaking of potential for this year, Mr Wagones insists on a convenient time to sell wealth.
"Money-money-money is slowing down: the owners who want to sell the property at the maximum price are unlikely to expect this year to be better than the past. Compared to the year 2017, the value of the property has only changed in the last few years, Increasingly, changes in yield are not the same as before. Both indices are less stable and the sellers will be able to make positive changes in yield or higher rental rates. Perhaps it is going to be difficult to expect, maybe this is one of the factors that would not consider selling the property. Wagnes says that maybe 2019 would be a year of easy negotiations.
According to him, next year it is likely to see more investment deals on non-standard items such as hotels or co-operative spaces.
"3-4 years ago, global investors were more orthodox, with less interest in secular property types such as associate places, student housing or senior households, and now they are looking for such low standard items. Unfortunately, there is no such wealth in Lithuania, but Next year, there may be a year of change in the attitude of property sellers and developers, thinking that there is no need to create traditional items. , "Says the analyst.
Meanwhile, Adomonias believes that this year it is possible to have another record. According to him, while strictering the credit terms of banks and limiting market liquidity, their policy can adjust the expected expectations of buyers and sellers to buyers.
"I think 2019 definitely will be more active than before. I hope the profitability of the objects will be on the side of the buyers, because now a good time to sell, will not be for ever. I believe the focus will be in the trade segment because it It has been a long time not very active, "said Mr Edman.
According to him, this year he will see more transactions of Investment Logistics Objects, as well as Hotel and Infrastructure Objects as parking lots.
It is not a copy of the BS.