2008-06-18 14:13:22 - Re&Solution has acted as a sole advisor of the largest retail chain of food products and manufactured goods in the Baltic States MAXIMA in EUR 46.6 million supermarket portfolio sale and leaseback transaction

The Norwegian investment banking company VERDISPAR, representing its investors through the company VERDISPAR Retail Properties II, has acquired a 26,500 sq. m (285,300 sq. ft.) real estate portfolio from MAXIMA. Verdispar paid LTL 161 million (EUR 46.6 million) for nine supermarkets (MAXIMA X and MAXIMA XX) situated in the largest cities of Lithuania: Vilnius, Kaunas, Klaipeda, Alytus and Siauliai, as well as in Ukmerge and Plunge. MAXIMA will continue to do business in these supermarkets as the chain has signed long-term leaseback contracts with VERDISPAR. The transaction will be formally completed after it is approved by the Competition Council of the Republic of Lithuania.

Mr. Ricardas Cepas, Re&Solution partner sais: 'time to buy commercial property in our countries is particularly attractive

now. Increased costs of borrowing and significantly tightened credit policy have induced developers to start considering alternative financing opportunities, for example, forward funding or disposing of currently possessed assets. Moreover, quality of investment products has improved substantially compared to for example 2006/2007. The largest shopping centre developers and retail chains have started sales of their assets. The biggest shopping centre, one of the largest logistic hubs is on sale presently; the strongest retail chains consider JV and sale and lease back opportunities; the strongest developers search for development and financial partners. MAXIMA sale and leaseback transaction is an obvious proof of quality of available opportunities, thus we expect that the deal will encourage institutional investors to explore the region and investigate the best investment possibilities ever'.

Mr. Halvor Z. Olsen, CEO of VERDISPAR Group, adds that the transaction with MAXIMA clearly shows that Scandinavian investors trust the real estate market in Lithuania. 'The acquisition of the MAXIMA property is our sixth sales-leaseback transaction in this country. Our investors are also demonstrating an interest in other real estate in Lithuania, provided it is attractive and the transaction is professionally handled,' says Mr. Olsen.

According to Gintaras Marcinkevičius, Managing Director of MAXIMA GRUPE, this transaction is useful for both parties − MAXIMA will use the funds received from selling part of its real estate for further expansion of its core business in Lithuania and abroad.
The transaction was partly financed by SEB and Nordea banks.

About Re&Solution (www.resolution-group.eu)

Re&Solution is a leading regional provider of integral real estate, financial and investment management services in Lithuania, Latvia, Estonia and Ukraine, and impending expansion to Denmark. Having strong local coverage and backing of world-wide leading property consultants, the company is recognized as one of the most unique and professional advisory sources throughout the Baltic region. There are currently over 70 staff members in Lithuania, Latvia, Estonia, Ukraine and Denmark. Since September, 2007 Re&Solution is an alliance partner of global real estate advisory business leader Jones Lang LaSalle in the Baltic region.
About MAXIMA GRUPE (www.maxima.lt)
Being the largest chain of food products and manufactured goods in the Baltic States with the annual turnover of EUR 2.37 billion in 2007 (31% growth y/o/y) as well as planned growth of at least 20-30% in 2008, MAXIMA GROUP has impressive expansion track record and plans in the Baltics and Bulgaria as well as new regions. The chain operates 416 stores named MAXIMA X, MAXIMA XX, MAXIMA, T-Market and Ermitazas: 226 stores are located in Lithuania, 123 in Latvia, 46 in Estonia, and 21 in Bulgaria.

About VERDISPAR (www.verdispar.com www.verdispar.lt)

The investment banking company VERDISPAR was established in Oslo, Norway. The company has eight offices in Norway, as well as in Stockholm (Sweden), Vilnius, Bratislava (Slovakia) and
Zagreb (Croatia) and has more than 150 employees. Its two major business streams in Lithuania are property investment and property development.