yields declined by another 25-50 bps in Vilnius to 6.0-8.0%. Warehousing premises are interested in no less than 8.0-8.5%. In mid-2016 the Estonian company, Zenith Capital Management acquired the remaining shares of the company which owned the NORDIKA shopping centre in Vilnius and now fully owns the project. NORDIKA shopping centre which has a total area of 38,000 sqm was developed in two stages by Lithuanian developer VPH. The ďŹ rst stage was completed and the shopping centre opened in September 2015. The second stage was opened in May 2016. Details of the transaction have not been disclosed. At the end of 2016 the Deka-S-PropertyFund No. 2, managed by German company Deka Immobilien Gmbh, transferred ownership of the BIG shopping centre in Vilnius to WestInvest Gesellschaft fur Investmentfonds (operates as a subsidiary of DekaBank, which together with its subsidiaries, forms the Deka Group). The shopping centre, with a total area of almost 18,000 sqm and located next to Ukmerges Street, was acquired by Deka Immobilien Gmbh in 2007 for â‚Ź36 million. Details of the current transaction have not been disclosed.
LEGAL NOTES BY SORAINEN
Typically, 3-5 year lease agreements are common. Triple net leases are not universally used. Double net leases are more common. Marketing costs are either fixed or covered by the service charge. As a rule, contributions to a sinking fund are rarely agreed in the retail market, while use of step rents and turnover rents has increased recently. As a rule, the tenant is responsible for finishing the premises. Lease agreements may be invoked against third parties only if registered with the Real Estate Register.