Capital Mill, a real estate investment management company active in the Baltic states, has signed an agreement to sell the Grand Office business centre in Vilnius to a fund managed by Union Asset Management. The transaction value has not been disclosed.

The deal covers 100% of the shares in UAB V34 SPV, the Lithuanian private limited company that owns the property at Viršuliškių skg. 34 in Viršuliškės, a western Vilnius district. Grand Office is a 21-storey B+ class office building with 10,540.60 square metres of space. Its current occupancy is 98%.

The buyer is Union RE Core Fund II, an open-ended investment fund for informed investors. It is managed by Union Asset Management and continues the investment strategy of the Union RE Core funds.

Union Asset Management says the fund aims to build an income-generating commercial real estate portfolio worth up to 100 million euros in the Baltic states and Central Europe.

The buyer was advised by the law firm WALLESS, while FORT Legal acted as legal adviser to the seller. The sale was completed on July 1, 2026, after all required approvals were received. The parties said no further transaction details would be disclosed.

Grand Office was built in 2014 and designed by architects Gintaras Čaikauskas and Miroslaw Szejnicki. The building was developed by the international real estate and construction company YIT.

Capital Mill acquired the property after its first tenants had moved in. Since 2019, the company has invested in modernising the building, including upgrades to common areas and the facade, and added the lunch restaurant “12” and Caif Cafe. The company said these investments improved the building’s competitiveness in the Vilnius office market.

Živilė Krikščiūnienė, Capital Mill’s head in Lithuania, said the sale marks another completed stage in the company’s long-term investment strategy. She said Capital Mill had strengthened the asset’s long-term value through active management, targeted investment and tenant relationships, and would direct the capital into new development and investment opportunities in the Baltic states.

Ramūnas Baranauskas, CEO of Union Asset Management, said the office segment is seeing lower investor activity, which creates opportunities to acquire quality assets at rational market prices. He said the company focuses on specific properties with strong fundamentals, including high occupancy, long-term leases, reliable tenants and stable cash flow.

Linas Butkus, head of Realtum Advisors, which represented the seller, said the transaction shows that well-managed office assets with strong tenants remain in demand even in a selective investment market. He also said the deal reflects a growing role for local capital managers in the Baltic investment market.

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Updated2026-07-03 09:01

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Article contextPeople & topics3#7Živilė KrikščiūnienėRamūnas BaranauskasLinas Butkus