Latvian chain of DIY stores DEPO sold its newly built (in 2018) store building to the real estate investment fund Corum.
Real estate investment fund Corum is the new owner of DEPO DIY store building at Ukmerges gatve in the capital of Lithuania – the parties have recently signed sale-leaseback agreement. DEPO has assigned Colliers Baltics team to attract investor and coordinate the transaction process, while Law Firm COBALT represented Corum in the deal. The transaction amount is not to be disclosed.
The DEPO store at Ukmerges Gatve is over 21,000 m2 big, including administrative premises, and has more than 450 parking spaces adjacent to it. It is the second largest DEPO store in Vilnius. Another one - 30,800 m2 big DEPO store is located near Vilnius Gariunai market.
‘We are happy that our client DEPO was able to make a next step in their development strategy through this transaction. As a local player, Depo is fully equipped to meet professional requirements of international players when it comes both to quality of real estate investment product and transaction process. This clearly shows professional growth of Baltic real estate market and puts us into position to attract new equity capital. As to the buyer, Corum is now officially present in all Baltic countries and we hope that their successful expansion will continue in the future,’ comments Angela Kolesnikova, Head of Investments at Colliers Baltics.
Currently there are 5 DEPO stores in Lithuania - two in Vilnius, as well as in Klaipeda, Panevezys and Kaunas.