Prosperus Retail Property Fund has agreed to acquire the Ozas shopping and entertainment center in Vilnius from NEPI Rockcastle for €200 million, marking the fund’s first major transaction as it builds a Central and Eastern European retail property platform.
The acquisition is subject to customary closing conditions and regulatory approvals.
Opened in 2009, Ozas is one of the largest established shopping destinations in Vilnius.
The property contains approximately 70,600 square meters of gross lettable area and around 200 retail units spanning fashion, lifestyle, food, services and entertainment.
Its northern Vilnius location provides road and public transit connectivity to a large metropolitan catchment.
The tenant base includes international and domestic retailers along with entertainment offerings such as a cinema, family entertainment and fitness facilities.
NEPI Rockcastle acquired Ozas in 2018 as part of its expansion into the Baltic retail market and has subsequently invested in the property.
For Prosperus, the deal establishes an institutional-scale starting point for a broader acquisition strategy centered on established shopping destinations with resilient tenant demand and opportunities for operational value creation.
Prosperus Retail Property Fund is sponsored and led by Gediminas Baltakis, principal shareholder of Prosperus Asset Management.
The fund is seeking to develop a larger shopping centre ownership and operating platform across Central and Eastern Europe and is targeting a portfolio with at least €1 billion in assets.
Rather than relying solely on property appreciation, Prosperus plans to pursue value creation through acquisitions, active management, tenant optimization and improvements to customer experience and operating performance.
KEY QUOTES:
“Ozas is a high-quality asset in one of the region’s most attractive capital cities and provides a strong foundation for Prosperus’ regional strategy.”
“Our objective is to build a scaled platform focused on dominant retail destinations and to become one of the leading shopping centre operators in the region.”
Gediminas Baltakis, Principal Shareholder of Prosperus Asset Management and Leader of Prosperus Retail Property Fund
