Maltese company Hili Properties is to purchase a 19,000 square metre industrial factory in Lithuania, adding to its €115 million real estate portfolio. 

The deal with YIT Lietuva will see it take over the plant in the Klaipeda Free Economic Zone. The factory will be used by the Rehau Group to produce industrial materials, starting from January 2022. YIT Lietuva is a subsidiary of European construction giant YIT. 

Hili Properties is the real estate investment subsidiary of Hili Ventures. 

The sale and purchase agreement is expected to be completed in a few months. The sale price was not disclosed. 

In a statement announcing the deal, Hili Ventures said that the factory  sits on a 55,000 square metre plot, is situated on a key highway connecting Kaipeda to Kaunus and Lithuanian capital Vilnius and in close proximity to key cargo routes, including the largest sea port in the Baltics. 

 “We are excited at the prospect of extending our portfolio in Lithuania with a prime asset and nurturing a relationship with a blue chip tenant,” said Hili Properties managing director George Kakouras. 

“This real estate joins our current holding of shopping centres and restaurants in the Baltic states, and fits our strategy to diversify our portfolio and our tenant mix. This property, which houses the latest technology in production facilities, presents us with a solid, long-term investment.”

Hili Properties owns a diverse portfolio of real estate assests spread across Malta and eastern Europe, with six shopping centres in Latvian capital Riga, a hospital in Bucharest, Romania, 11 commercial properties in Estonia, Latvia, Lithuania, Malta and Romania, and office blocks in Sliema, Marsa and Floriana.