Closed-end investment company for informed investors UAB CAPITALICA Z114 REAL ESTATE FUND (hereinafter – the Company), legal entity code 305198076, registered address at Žalgirio st. 114, LT-09300 Vilnius, Republic of Lithuania (the Issuer), managed by UAB Capitalica Asset Management in a few tranches issued bonds with a total nominal value of 16 844 000 euros. The funds raised are allocated for developing a business center "Sand Offices" in Vilnius.
"Sand Offices" construction works are completed, and currently, fit-out works based on tenants’ needs are being carried out. The value of the project, based on an independent valuation report, as of June 30, 2025, amounts to 27.5 million euros. Currently, lease agreements have been signed for 48% of the leasable area, with active negotiations ongoing with potential tenants for the remaining space.
During the first half of 2025, the Company earned EUR 1 077 thousand net profit (EUR 464 thousand loss generated in 2024 same period) while total assets under management grew by 10.5% to EUR 29 070 thousand. This growth was primarily driven by active capital investments during the year and a positive change in the fair value of investment property. The Investment company’s share value during the project duration till June 30, 2025 increased by 56.4% and generated an 18.3% annual internal rate of return (IRR) to the shareholders.
“Sand Offices is more than just another office building – it is an investment in the growing business infrastructure of Vilnius. Our goal is not only to successfully fill the rental portfolio, but also to offer a project that creates long-term value for both companies and the city. We see clear demand for high-quality spaces and are convinced that this project will become one of the most sustainable examples of success in our fund,” says Andrius Barštys, Chairman of the Board of Capitalica Asset Management.
From the start of the project until June 30, 2025, 22.2 million euros have already been invested. The total project budget amounts to 25.5 million euros. Based on an estimate, there should be no budget overrun. Completion of the project is 87%.
Loan-to-cost ratio (LTC) as of June 30, 2025 was 69.9%