Tamro UAB, a wholesale distribution company of pharmaceuticals, has entered into a transaction with Eika Real Estate Fund UAB, a fund managed by investment company UAB Eika Asset Management, for the development of a built-to-suit building and its lease in Kaunas district. The fund will also acquire a building currently owned by the company. The value of the transaction is not disclosed. Tamro UAB was represented in the transaction by Newsec, an international real estate (RE) advisory company.
The transaction consists of two parts: the sale of Tamro's current headquarters and the development and lease of a new logistics and office centre. The pharmaceutical wholesale distribution company will move into a built-to-suit project, where the facility is developed according to the company’s needs and a long-term lease agreement is signed. The new building will be located in the Kaunas Free Economic Zone (FEZ). The logistics and office centre was invested in by UAB Eika Real Estate Fund (EREF), a commercial real estate fund managed by Eika Asset Management.
Tamro UAB, operating in Lithuania, is a part of Tamro Baltics, the largest pharmaceutical wholesale distribution company and manager of the BENU pharmacy chain in the Baltic States, which is a part of the international PHOENIX group, distributing pharmaceuticals and other medical goods in 27 European countries.
“The decision to move to new premises is a logical and timely step that we have been waiting for for some time. We have a long track record of consistent and successful work, so it was naturally time to expand. We always strive to provide our clients with the highest possible quality of service, and the new logistics centre will allow us to raise the quality standards even higher. In addition, more spacious premises will allow us to offer even more services to existing and new clients. At the same time, I would also like to congratulate all the employees of Tamro Lithuania, who will be able to work in the office in a more comfortable and modern environment,” says Rasa Montvilė, Country Manager of Tamro Lithuania.
Tamro chose to move its operations to Kaunas FEZ because of its favourable location for distribution, infrastructure for business and employees. The location is close to the intersection of the A1 and A6 national and international highways, which provides easy access to many Lithuanian cities and European countries.
“The lease transaction with Tamro is distinguished by the tenant’s extremely high requirements in terms of location, technical parameters of the project and the timeframe for implementation. We believe that this is a high-value EREF investment in the industrial real estate sector and we plan to make similar investments in the future,” says Viktorija Orkinė, CEO of Eika Asset Management.
The transaction will complement the EREF’s existing investment portfolio, which includes the Highway business centre, the DHL terminal project near Vilnius Airport, and the recently acquired Audi and Volkswagen dealerships leased by the Moller Auto Group. The fund invests in commercial real estate and is intended for informed investors.
As Jurgita Ragaišė, Head of Newsec's Brokerage Group, points out, the complex solution, the sale of the existing building and the development of a new logistics centre, was very important for the client, allowing the company to ensure the continuity of its operations. The international company was looking for a flexible partner that would meet all the requirements of the transaction and would be able to manage the processes in a changing market, and Eika Asset Management was the best fit.
“Over the last years, the relevance of industrial real estate has increased significantly, and the market is experiencing an increased demand for quality properties. This type of double transactions can help clients to kill two birds with one stone – to move out of the old premises when the new ones are ready," says Jurgita Ragaišė.