On 11 January 2022, the Kaunas District Municipality granted a permit to build UAB Tamro, a wholesale distribution company of pharmaceuticals and the manager of BENU pharmacies, logistics centre in the territory of the Kaunas Free Economic Zone (FEZ). The logistics centre is a build-to-suit project managed by Eika Asset Management (EAM), a fund of the investment company UAB Eika Real Estate Fund (EREF). The completed building will remain under the ownership of this fund; the amount of the investment is not disclosed. The project is expected to be completed one year later, in Q4 2022.
In May 2021, Tamro entered into a deal with EAM-managed Eika Real Estate Fund for the development and long-term lease of a build-to-suit building in Kaunas district. The fund also acquired a building owned by Tamro in Kaunas. The tenant is expected to move into the new building in Q1 2023. According to Viktorija Orkinė, CEO of EAM, build-to-suit projects are popular because tenants get the product they need, i.e. they do not have to adapt to the existing situation in an already built building, they can use the space efficiently, plan both technical solutions and contractual steps for possible expansion in advance and do not have to think about moving for a long time.
"The ability to develop projects ourselves or add value to real estate through conversions is our strength and Eika Real Estate Fund's differentiation compared to other market players that invest in already developed real estate. At the same time, we maintain a balance between buildings under development and those that are already generating a steady cash flow based on long-term lease contracts, thus ensuring diversification and security of the assets managed by the fund," says Viktorija Orkinė.
According to Rasa Montvilė, Tamro's CEO, the new premises were designed not only to meet the highest expectations in terms of comfort, infrastructure and location, but also in terms of "greenness." The building will have an A++ energy efficiency class and will generate part of its own energy - a 500 kW solar power plant is planned on the roof of the building, and heat will be supplied from the Kaunas cogeneration plant. In addition, the car park will be equipped with charging points for electric cars.
"Our priority is, of course, to fully meet the needs of our employees and to provide the highest quality storage conditions. Therefore, the minimalist, cosy interior will not only be ergonomic and highly functional, but will also have the smartest ventilation, air conditioning and dehumidification systems. Furthermore, we have emphasised to the developers how important the sustainability aspect is to us - that the building should meet the highest energy performance class and the requirements of the international BREEAM standard for sustainable buildings," says R. Montvilė.
In addition to the current Tamro logistics centre in Kaunas and the new logistics centre development project in Kaunas FEZ, EREF's investment portfolio includes the Highway business centre and Audi and Volkswagen car dealerships in Vilnius, the DHL express terminal on the territory of the Vilnius Airport, and the production base of ViaCon Baltic in the Kaunas district. EREF is the second real estate fund EAM invests in commercial real estate. EREF invests in classic commercial assets such as office buildings, shopping centres and logistics or light industrial facilities in the CEE region. The fund is designed for informed investors and invests alongside external investors in the capital of EIKA Group.